Languages at uni IS amazing (for me at least!)

I can only tell from my experience at Monash - not sure how Melbourne works, but I'm sure it is similar.
Uni languages start at different levels. If you haven't learnt the language at all, you start as a beginner (Level 1). If you have done a lang at VCE level, you would start at a higher level (they give you a very short assessment test at the beginning of the year to check your level) - either Level 3 or Level 5.
If you do a language in an Arts degree, it is just like completeing any Arts major. If you are not studying Arts, you can pick up a diploma of languages - in that language: this adds to your workload - ie you would have to overload (do 5 subjects instead of 4 in a semester). You need approval from your managing faculty to do a diploma as well.