It’s still a common tactic and it pulls 4 Japanese fighters away from America and Russia for 2 turns. (1 turn going there, 1 turn getting repositioned to attack.)
Fighter from SZ 50 to SZ 30
Fighter from FIC to SZ 30
Battleship, 2 Fighters, Aircraft Carrier from SZ 37 to SZ 30
For those of you wondering how to get 4 fighters to SZ 30.
Japan has to bring the Aircraft Carrier from SZ 50 to SZ 33 to recover fighters
Japan no longer has a sufficient force to destroy Pearl AND take mainland, thus Japan has no extra income.
Japan can only hit Pearl with Submarine, Destroyer, Battleship, Transport and Bomber, still a winner, but you have nothing left really for campaigning.
If Russia had followed with 6 Infantry in Buryatia and England had followed with 4 Infantry in India, Japan is in a very tight space for a couple of rounds.
And maybe Egypt isn’t worth attacking? In my game with DM there was less then a 1% chance I could have retaken Egypt with England on Round 1. Actually, closer to 0 then 1. So there are times when distracting 75% of Japans Capital Ships and 67% of Japan’s airforce could be in your benefit.