It is interesting when you really think about it, CX is expanding its role as a hub and spoke carrier for cargo while focussing on O&D traffic on the passenger side. I'm not sure how to gauge this.
Is the cargo movement a response to the market or simply a natural byproduct of having over-invested in cargo assets, terminal and freighters? On the passenger side, it seems CX is content to use the Hong Kong hub as a regional connection point serving SE Asia and China to all of its long haul destinations, but not pursuing long haul connections to other long flights so much (ie the Kangaroo route).
Perhaps this is just a product of geography, or perhaps that long haul to long haul traffic simply isn't very high yield due to the competition out of the Middle East. I don't know, but I am mostly content with their current strategy. The exception is that I think CX is very late getting to secondary markets like Seattle, Boston, Manchester, Zurich, etc. CX's conservative tendencies serve it well in a downturn, but result in a lot of missed opportunities the rest of the time.