I like the Melbourne model. I find it good to not be focusing solely on the one area of study. Breadth has allowed me to continue accounting subjects which i enjoyed in high school, as well as study other areas that are of interest me. Of course this isn't for everyone, but it really depends on the person. I'm finding biomedicine challenging, but enjoyable, and I'm glad I'm studying it.
I'm starting to notice a trend in this thread, in that those at Monash tend to not be a fan of the melbourne model, while those at melbourne seem to like it (or aren't unhappy with it anyway). Really, it comes down to the person and what they want out of their degree, and i guess this will influence whether you will put Melbourne or Monash higher on your uni preferences.