well, no one has actually completed the new 3+2 master program yet so I don't think anyone can answer that.
But as far as i know, the course structure for engineering at uom is not finalised yet. They've decided on 1st and 2nd yr subjects but still are yet to finalised the 3rd and 4th year ones.
AT uom the 1st yr was pretty much like vce. maths, science, a breadth and esd (something new).
It's very basic and its not really specialised so it yeah.. doing vce except for esd which allows you to have a feel of the different engineering streams.
As for Honours go, they are still deciding as we are considered as a "new" engineering degree. but the old one was that you were given your honours grade depending on your marks acheived from 2nd yr through to 4th which have different weights.
Ohh.. and yeah uom is very theory based there are some pracs but its not really prac prac (if you get what i mean) its just like you do some things on MATLAB then give values to your tutor and they use it on a device but the real hands on stuff was robolab.