It is a sovereign state with dominion, the right to join the UN, and fly it's own flag.
On the other hand, under federal recognition and the Akaka bill, Hawai`i would technically become a "captured nation," meaning that international law could not prohibit US aggression and total extermination of its indigenous Hawaiian population.
The Akaka bill would not grant full autonomous self-rule and would in fact destroy Hawaiian Kingdom territorial integrity which continues to exist right now, even as you read these words.
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