Just tried to look at upgrading one of my flights to London next week using the new One Up system.

Prices showed up in Euros. Ticket was issued in Spain, so probably makes sense, but prior to now didn't know One Up prices would be reflected in the purchase currency.

Also when I selected to pay via Airpoints Dollars, it didn't show up any conversion rate (if any) before clicking the final submit button.

Most people probably have their tickets purchased/issued in NZ, so not an issue, but something to be aware of for those of us that have tickets brought on behalf.