From what I know, this subject is similar to unit 3 music investigation, so I'll do my best. Hopefully someone a bit more knowledgeable will come to talk about nitty-grittys for you, though.
There are also a couple of posts on these forums you should check out, though. They're definitely a good read, from some people in the thick of it.
Firstly, though - if you are AT ALL interested in a career in research or going for a doctoral degree, this subject is certainly worth doing. You will learn about researching and report that will carry over into your career.
Unit 3 of MI was definitely my favourite part of year 12 - so it's worth saying that if you pick a good topic for your investigation, that you enjoy, you will have a good time researching it and learning more about it.
Difficulty is relevant - if you pick a hard topic, you will have a hard time trying to convey your ideas. If you pick an easy topic, you will have a much easier time conveying those ideas, but you might also get bored with that topic rather quickly. So once again, it would all come down to picking a good topic for you and for others.
Also - "How does it scale?" is a horrible question to ask. Scaling is a standardisation of the normal distribution, changing its standard deviation and mean so that it better reflects what the cohort of that subject should've received. Points aren't "added" or "reduced". For example, if you got a 30 in Philosophy last year, it stayed at 30. However, if you got a 36, it scaled to a 37 and if you got a 23, it scaled to a 21.6 - there isn't always a definitive up or down motion.
There is no previous data for extended investigation, so we can't predict what kind of mean or standard deviation VCAA might "deem" would be more appropriate for it, as this is based on the kinds of aggregates given to those in the subjects, the kinds of subjects those students are doing, what study scores those students got, etc.
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