It seems to me we are if not in the front line then we are definitely on the bench for any new Pacific cold war that might occur between the USA and China. Clinton was here to shore up support and make sure the New Zealander's are on Uncle Sam's team ahead of any possible confrontation.
Given the recent defense reviews bald statement that (basically) we are an Australian satellite and where Australia stands we stand and where Australia goes we go, and Australia is so far up uncle Sam's arse the only thing you can see is the size of their shoes, I can't see how we cannot be in the US block by proxy.
We should be careful about assuming the demise of US power is inevitable. Despite all the impressions, the United States is still the biggest manufacturer in the world and it retains a significant technological lead over the Chinese. Militarily - well, the Chinese cannot yet even deploy a class of SSBNs that works reliably, let alone threaten the power of the USN - who after all have spent the last sixty years training for the Imperial Japanese Navy to show up so it can refight exactly the sort of blue water carrier engagement the Chinese seem so eager to want to create their own fleet to fight. It terms of raw military power, the United States can call upon the help of at least Canada, Japan (110+ major warships - far bigger than the Royal Navy!), the ROK, Taiwan, Singapore, Australia and New Zealand. It could probably expect support from Thailand, Malaysia, India and (maybe) Indonesia as well. All up a massively powerful Asia-Pacific alliance that easily contains China and one that doesn't even consider the military potential of the United State's European satellites in the NATO Alliance.
One cannot simply dismiss the strong racial, cultural and historical ties between the United States and New Zealand. As the 1982 Falklands War showed, in times of conflict there is a strong constituency in the New Zealand's white, Anglophile ruling class that strongly identifies with the Anglo-American world and it would be difficult to conceive of a set of circumstances where public opinion would not favour the USA in a major superpower confrontation with China. Basically, we will back the side that looked like us, spoke our language and with whom we share many components of our culture.
On the upside, we might soon qualify for lots of subsidised weapons and maybe even a bit of military aid so the armed force might get their jets back.