Thom said:
No really I would be interested in your comments, having spent 5 weeks over there on the north shore I only ventured into Waikiki once and that was enough for me --- But---- the wife and kids love that crazy environment, so I'm going to have to play the good tourist.
Here's my quick thoughts:
Waikiki area is ok safe. Watch out in Honolulu if wandering around late - it can get a little rough.
The beaches in Waikiki aren't that special (I'm spoiled by visiting the Gold Coast/Sunshine Coast lots I think). The beaches outside of Waikiki are so much nicer and not too busy.
Visiting Pearl Harbour is ok, but get there early. The queue starts growing quickly, and unless you're there about 45min-1 hour before opening, then you'll waste half your day waiting.
USS Arizona National Memorial - USS Arizona Memorial (U.S. National Park Service) My personal view is that it's not so much of a 'must see' for Australians, but still interesting. Keep in mind the strict security that applies there.
The Aloha Swap meet (basically a flea market) is just up the road from the Pearl Harbour area, and is an ok couple of hours. There are some very cheap souvenirs there but also lots of rubbish and tacky t-shirts etc.
Aloha stadium swap meet is one of the largest Swap meets in Hawaii. Experience the great shopping at Aloha Hawaii swap meet and Flea Market at Honalulu region
Driving around the island is really where I started enjoying things. The contrast of different areas is great. I'm sure you've probably seen a pineapple plantation at some stage, so you don't need to visit the Dole Plantation, but it's still an option
Dole Plantation - Hawaii's Complete Pineapple Experience (Once again, this could be a Queensland thing

). The pineapple is very sweet and tasty (and available all around the island in different places)
I remember travelling through a tunnel on Highway 3 near Honolulu and just being absolutely amazed by everything when I came out of it. Can't find out which tunnel that was, but it was very very nice. After coming out, you're on a viaduct and there is beautiful views all around.
You could always stop for your shrimp shack fix while driving around to the North Shore. Reasonable fare and fairly cheap (just very small prawns really)
Honolulu & O'ahu Features | Fodor's Online Travel Guide
The Ala Moana Center (although a standard American Mall) is probably where you'll find your shopping fix
Ala Moana Center: Hawaii's Premier Shopping, Entertainment, and Dining Destination Only a few mins from Waikiki.
Diamond Head should be an interesting afternoon's hike, but I didn't go to it.
I wouldn't really recommend visiting a luau, although if you really wanted to get into the Hawaii spirit, it could be a good night.
I'd also recommend skipping the Atlantis Submarine tour
Atlantis Adventures - while it would be nice, the water can be a little disturbed and the coral scarce. I havn't been, but that's the opinions I've head from friends.
So really, I recommend not doing too much in Waikiki and getting out and about from there.
Now for accommodation, you'll find it hard to find cheap accommodation. Others may have some opnions on the best way to handle this. I used Hilton points to stay at the Hilton in Waikiki, which was a brilliant use of points for me as it was ~$300US per night.
I normally do my travel research using Fodor's
Fodor's Travel Guides | Plan Your Trip Online and WikiTravel
www.wikitravel.com . You should have a read through the various Hawaii information on those pages - but remember it's slanted towards American tourists of course.