You will know all the aircraft systems, but it is basically a 'cruise copilot' endorsement (NOT 'cruise captain'). You do not do takeoffs and landings in the real aircraft (base training) or do a formal 'zero flight time' full P1 or P2 rating. Should you leave CX (bond...erm I mean 'forgiveable loan' permitting) before you upgrade to 'Junior' First Officer, when you get a full rating, you would be unemployable.
You could not, for example, approach CASA and have your Hong Kong P2X rating put on your Aussie licence for a job with Virgin or Jetstar.
I'll stay one step ahead of the mods and suggest to all that a good perusal of Fragrant Harbour Wannabes is in order; most answers to your questions can be found there.
Good luck (you'll need it),
Larry Dart.