B777 FO HAS A TOO LOW FLAP WARNING AT 500 FT AGL DUE TO LNDG FLAPS STILL IN TRANSIT. COMPANY OPERATING MANUAL REQUIRES GAR WHICH THE CAPT DID NOT ORDER.

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SIT WAS A VISUAL APCH TO RWY 8L AT HNL WITH THE FO FLYING THE ACFT. WX WAS CLR; WINDS LIGHT. DURING THE APCH; THE FO WAS FAST. PASSING 1000 FT AGL; FLAPS WERE AT 15 DEGS. I TOLD HIM TO KEEP SLOWING SO THAT WE COULD GET THE REMAINING FLAPS DOWN. HE WAS SLOWING NICELY AND BY 500 FT AGL; FLAPS WERE BEING LOWERED TO 30 DEGS FOR THE FINAL CONFIGN. THE FLAPS WERE IN TRANSIT PASSING 500 FT AGL AND WE GOT THE 'TOO LOW FLAPS' WARNING. I ELECTED TO CONTINUE THE APCH AND THE LNDG WAS SMOOTH WELL WITHIN THE TOUCHDOWN ZONE. EVEN THOUGH THE FINAL OUTCOME WAS UNEVENTFUL; I FELT THAT I HAD MADE AN ERROR IN JUDGEMENT IN NOT MAKING A GAR. BY 500 FT AGL; WE WERE ON PROFILE; ENGS SPOOLED; DSCNT RATE NORMAL; AND FLAPS IN TRANSIT TO FLAPS 30 DEGS; BUT THE FINAL CONFIGN; EVEN THOUGH CLOSE; WAS NOT COMPLETE. WE SHOULD HAVE EXECUTED A MISSED APCH. I DIDN'T BECAUSE THE WX WAS CLR AND THE WIND LIGHT; WITH A NORMAL DSCNT RATE ON GS. THE RWY WAS OVER 12300 FT LONG AND DRY. CONDITIONS WERE IDEAL. I FELT THAT TO CONTINUE WAS SAFE AND IT WAS IN FACT COMPLETED NORMALLY. BUT WE SHOULD HAVE MADE A MISSED APCH BECAUSE WE WERE STILL OUT OF THE SOP ENVELOPE NO MATTER HOW SLIGHTLY. IN THE FUTURE; I WILL EXECUTE THE MISSED APCH.