Alright, here's a more detailed synopsis using 2006 rates:

Single
$74,200 $154,800 $15,107.50 plus 28% of the amount over 74,200

U.S. Tax obligation without exclusion
150,000 - 74,200 = 75,800 * .28 = 21,224 + 15,107.50 = 36,331.50

U.S. with exclusion
$30,650 $74,200 $4,220.00 plus 25% of the amount over 30,650
150,000 - 85,000 = 65,000 - 30,650 = 34,350 * .25 = 8587.50 + 4220 = 12807.50

Hong Kong taxes at 16%
150,000 * .16 = 24,000

With the tax exclusion, you'd owe:
12,807.50 + 24,000 = 36,807.50, so you'd lose 476.00 (36,331.50- 36,807.50) vs. the tax equalization package.

France calculates their taxes based on parts (family members), so it is my assumption, that since Hong Kong is touted as the lowest tax structure in the world, that France is higher, which means you lose more money by not using tax equalization.

Source: http://www.irs.gov/formspubs/article...150856,00.html