Extremely useful guide Paul 
I was just wondering if you could explain what reasoning with first principles is, I've given it a quick wiki and from my interpretation (which seems wrong, haha) it involves making assumptions based on the situation where a law applies? As for the detailed studies, does Further Electronics and Special Relativity get marked with any consideration on the difficulty of the subject, eg, getting 10/20 for Special Relativity is the same as getting a 15/20 in Further Electronics? We've got a straight from Uni Mechanical Engineer teaching us Physics through some weird program, and it seems like he's giving us the option on what to study, so I'm considering voting Special Relativity because our schools maths is probably not at the same level as the rest of the state, and with considerations that might help out abit, does that seem logical to you?
The detailed studies are not weighted and at times this can be quite unfair. As paul has previously mentioned the further electronics detailed study had some very challenging questions in the 2011 Exam, which very few students answered correctly. The same can be said for Einstein's relativity.
Although, VCAA may make this year's questions for these detailed studies easier, I think that structures and materials is the best detailed study to chose for minimizing marks lost. It seemed to me that their wasn't really a broad spectrum of questions that could be provided for S&M. In most of the practice Exams I did, the only things that changed were units on graphs - very little places a good student can go wrong.
In summary, as the current syllabus is in existence for a longer periods, VCAA will be looking for harder questions that students won't have seen before, which I believe would be quite hard to do for Structures & Materials as the material is quite limited, unlike the other two.
For basis, in the 2011 Exam, the amount of questions answered correctly by 50% or less students is below:
Structures and materials - 2
Einstein's relativity - 6
Further electronics - 5
Also, 2010 Exam:
Structures and materials - 1
Einstein's relativity - 4
Further electronics - 3
Only my opinion, though.