The reason why I ventured into the "Oahu invasion" what-if, was looking at the early (pre) war value of Midway versus Oahu.
Midway, Wake and other seaplane outposts had a basic military value prior to the war, of course, once the war began, Midway's value increased exponentially as it was improved over the course of the war.
There was a school of thought that a decisive first-strike at the U.S. would knock them off balance and perhaps force a negotiation. As we all know, this didn't happen.
However the airstrike at Pearl Harbor did not yield desirable results and was, from my point of view, a failure. It was a failure in the sense that the carriers were not taken out. It failed in the fact that the Pearl Harbor complex was not incapacitated and it concluded with a certain number of battleships/cruisers and other fleet support vessels damaged or sunk and as a whole, did not disable the U.S. Pacific fleet, but only gave it a setback. It also failed in the respect that it did not force the U.S. to negotiate anything except a firm resolve, a declaration of war and an eventual ass-kicking. This can been seen reflected in the battle of Midway only 6 months later, where the U.S. was able to engage, challenge and drive the Japanese Navy off, inflicting more damage than was received.
So this is where the thought process of the taking of the Hawaiian chain entered into consideration.
What would it have taken, for the Japanese to severely limit the U.S. Pacific Fleet from challenging the Japanese Navy. The element of surprise was on the Japanese side, but only for a short time. Prior to 7 December, the U.S. forces in the Pacific and Far East were not enough to challenge the Japanese, both in experienced manpower and modern equipment.
If they had only one chance at a successful strike, that would take the U.S. out of the game, or force it to the table, what would it be then? From what I see, Oahu keeps coming to the front of the line.Yes, it would have been a difficult operation/logistics problem, but with proper planning, timing and support, it would certainly be worth the risk. Taking the Phillipines would not (and did not) have that much impact on the course of the war. Taking Wake Island didn't and even taking Midway would end up being more expensive than it was worth (if only to keep the U.S. from creating a forward staging area).
If they could successfully manage to take Oahu, then expand their hold to the other islands (Hawaii, Maui, Kaui, etc) then they would create sort of a barrier between the U.S. west coast and the eastern fringe of their Empire. Is they could also incapacitate the Panama canal, that would force the U.S.N. to reinforce their fleet from two directions: the "Horn" or from the Indian Ocean.
If the argument that it was "too much of a risk" is tossed out there, then consider this: invading Korea, China and surrounding territories was a risk, too. Starting the war in the first place was a risk. How far are you willing to roll the dice to ensure that your conquest is secured?
*NOTE* The observation of the Phillippines' impact on the war was minimal is in reference to the U.S. to maount decisive strikes from there at the onset. The Island's capture consumed a great deal of Japanese manpower and material to hold it, but if it had been bypassed at the onset, the U.S. would have little in the way of man and materials to mount a challenge to the Japanese at that time. Of course, it proved to be VERY valuable later in the war as the Allies advanced on Japan's home islands.