Probably the main point of comparison would be that the Police broke up at the peak of their success and had not reformed in public (other than the R&R HOF and Sting's wedding, but that's not quite public)... whereas LZ (Page, Plant and JPJ) have also reformed on one or more occasions as well (Atlantic Records 40th anniversary etc...), and Page and Plant have reformed a number of times as well... heck, they even put out an album together in the late '90s and toured for it as well... so, IMO, barring a return from the dead by Bonzo, a Page/Plant/JPJ reunion would probably be quite a big deal, but not at the level that this year's Police reunion tour has turned out to be... in fact, I would put a tour like on a level with the current Genesis reunion tour: big and important, but not too big and important.
Now, a Pink Floyd reunion WITH Waters... hmmm....
Laz