I think the above two posts sum the situation up very nicely. My perspective as outlined above is that with a stock like HNZ with projected fully imputed dividends of 7.5 cents / 0.72 = 10.41 cps gross you're getting a 7.8% dividend yield this year and its highly likely that EPS and dividend growth will continue for the next 5 years at a fairly reasonable pace so seeing as you're effectively taking an equity risk with these ANZ instruments you might as well get the superior equity return with HNZ who's divvies could grow at circa 10% per annum and SP could easily double in the next five years.
Therein lies the fallacy of this investment...equity risk for a modest fixed interest return. As GTM 3442 suggested I think there's an awful lot of people investing in this that don't fully understand that they're effectively taking an equity risk. I know one of them personally that's putting in $100K and talking to them and telling them the risk was like pouring water on a duck's back. All they see is ANZ and 7.2% and think its easy money.