I wish I had had a clearer picture of what English Language was about, then I could have done it instead of regular English. That being said, I probably should have put more effort into English as well, as I'd actually been doing OK throughout the year, but completely neglected it in my exam preparations.
Being part of a group that usually takes two or three 3/4's in Year 11, I wish I knew how high the bar was set in order to get 40+ in VCE. I was completely taken aback when I received my first Statement of Marks, thinking I had blitzed the exam, but actually just scraped an A+. Later on, I realised that my school's maths cohort wasn't particularly strong compared to any of the top schools, so I wish I knew how strong the competition was at the top end before Year 11 and 12.
On a different note, I wish I had paid more attention to all of the Year 12s who had gone before me, who always said, "Year 12 will be gone before you know it. Make the best of it while you still can." SACs came and went, midyear exams and the Formal came and went, Graduation Night came and went, end-of-year exams came and went, and suddenly there was no need for me to come to school again - a very saddening realisation.
Going a bit off-topic (not sure if the thread should be split here, this might be a prime example of where off-topic buttons are useful

), I thoroughly enjoyed VCE Physics, particularly due to having teachers that would go through various derivations and discuss the actual concepts behind what we were learning, rather than just teaching us to calculator-bash.
Like VegemitePi, I probably would not have picked Physics this year - I should've picked Biology instead. Although, that could have made things very difficult because I have to drop a subject at the end of this year anyway... :/
Why do all of you regret about doing Physics? I wish I did it because it could help me the kinematics topic in Spesh.
Anyways, Bio is awesome though. I'm happy with it 
Spesh helps physics kinematics (from GMA), not physics helping spesh 
What's wrong with physics
1) Two of the worst teachers in my life (boring, ignorant, cocky, wrong, mean, slow, crap "jokes", etc.)
2) The subjects matter was extremely dry
3) No real maths (I mean no calculus? Really?)
4) There was all this theory, and then there was a cheat sheet... So why the theory? 
5) Calc errors determine the top end (like 40+ end) more than knowledge and problem solving ability
6) Crap textbooks that have next to no relevance for the exams in terms of relevant questions (+ the theory went outside the course for some reason...)
7) EPI, 'nuff said
Units 1 and 2 could have been a lot more relevant to units 3 and 4 (random nuclear stuff, flight, etc.)
9) Electronics (deserves it's own place on the list of reasons imo)
10) Gives people a false impression about what real physics is actually about
+100 for the list
May i have the sweet pleasure to add:
11) IMO not taught well in general, even the revision lectures for it tend to be dull, boring and useless (only went to unit 3, didn't bother with unit 4)
12) Electric Power in particular magnetism is like WTF
hmm can't think of much more yet, vegemitepi pretty much said it all
Regarding the lack of calculus, I think VCE Physics is designed to ensure one does not need to take Methods or Spesh in order to go through the content. To me, that's not too bad an idea - some people may not have a particular aptitude for maths, but can still take some introductory steps into a vastly fascinating world and gain an appreciation of it, even if further studies of physics do require a great deal of maths.
With regard to points 4 and 5, I disagree heartily!

Going through the Assessor's Reports for 2011 (the most recently available), it appears that the questions the majority of the cohort struggle with are conceptual, rather than calculator-based. For example, only 8% were able to answer a conceptual question about spring potential energy, and 29% were able to design an effective circuit, given some boundary conditions. 14% were able to give a satisfactory explanation regarding modulation in an unfamiliar scenario, and 18% were able to apply clipping to that scenario. Over half the cohort were unable to perform vector addition, and less than a fifth could explain how Lenz's Law applied to a particular case. The most poorly-answered question, with 5% getting full marks, required students to explain part of an experiment regarding the photoelectric effect. On several occasions, the Chief Assessor noted that students were simply copying from their cheat sheets, rather than addressing the specific question at hand. This body of evidence leads me to think that conceptual questions determine separation at the top end, and that this holds despite students being allowed a cheat sheet.
I agree with point 6, the textbook we used wasn't that good in terms of teaching the course, which I think emphasises the importance and fortune of having a good physics teacher (or better-written textbooks!). For point 7, I think the EPI was intended to show students a bit of the practical side of physics (even though as a theorist, I didn't like it very much). We do lots of practical work in Chemistry, and some pracs in Biology, so it makes sense to at least do some practical work in Physics, giving students their first taste of scientific research.
For point 8, I think the idea of Unit 1/2 Physics was to give a broad overview of all areas of physics, just so people don't think that motion, electronics/electromagnetics, sound and quantum physics are all that physics is about, though I agree a greater degree of connection between 1/2 and 3/4 physics might be a good improvement. For point 10, I suppose this begs the question, "What is physics really about?". I completely agree that physics is far from number-plugging, and this was made abundantly clear to anybody who believed it did in the first physics lecture at university.
In summary, though VCE Physics does have quite a significant amount of 'plug-and-play' questions, I genuinely believe that conceptual understanding does allow one to separate oneself from those that just memorise formulae and copy explanations from cheat-sheets, and that there is enough there for a curious student and a good teacher to explore and truly benefit from it, as I'd like to believe I have done.

P.S. I really think I've derailed this thread a fair bit, so here I'll appeal again to the powers-that-be to have parts of it split.