TrueTears - agree with you 100%.
Argo - hold your horses mate, you're over interpreting! Firstly, not all the Chancellors' Scholars people want to do Medicine. Secondly, they may have opted for Chancellors' Scholars because they're not entirely sure whether they want to do med. Thirdly, the people who chose Chancellors' Scholars over Monash Med were generally 99.90ers, so they had the awesome scholarship from Melbourne, but not the more awesome one from Monash. Fourthly, you forget that many people are doing melbourne biomed because they didn't get INTO monash med. People with ATARs around 99.7-99.8 may not get into Monash med on account of UMAT and interview!
As programs, I can say that both the Melbourne and the Monash medical programs are excellent, and Monash is also bringing in some new innovations into their medical program.
Also, speaking of world standard, if you do either degree and go to the US to practice, either way you're gonna have to sit the USMLE - the licensing examinations. Plus, if you are practising as a doctor, trust me when I say, international medical graduates have it so hard that it doesn't matter what Aussie uni you go to, and most medical graduates practise in Australia, where alma mater means nothing.