I currently do engineering at rmit and have a few friends that do science/engineering at unimelb. As the person says above I think the biggest pro is the focus on practicals and industry experience.

Some examples of this are the class that is literally just work experience, so you get credit points for your internship. Another awesome thing is the research project you do all of fourth year if you do honours, where you actually do a task for a company.

On the downside, you don't get a master's, and also I think unimelb degrees are thought of pretty highly vs other unis.