Hi VN =]
I was wondering if anyone had any experience of studying an IT related course at UoM or know anything about it? I don't seem to really hear anything about the IT dept. over there, only Monash/Swinburne/RMIT. Does it compare well to Monash? I'm currently considering Commerce/BBIS at Monash, but would that be similar to doing Commerce -> Master of Info. Systems at UoM do you think?
There's a good reason why you haven't heard much about it

.
With that being said, though, The BCom/BIS degree at UoM was good - but for its Commerce component. Unfortunately, the IS part of the degree was (and probably is to this day) considered a pile of dung. The problem with the course was that the UoM did not align its course or consult heavily with industry in structuring their course. Monash, Swinburne and RMIT have done so through their industry based learning programs (which, I might add, is a very beneficial addition to your degree if you can get it). It is only recently that the UoM have started to incorporate elements of this into their (now) master degree.
The other complaint that I've heard from some people I know who have done the BIS degree at UoM is that it is too tied into the theory rather than the application. For an area of IT that is about solving business problems, the problem is evident.
And, of course, having to do it as a Masters is another downside if you already know that business IT is what you want to do due to the extra time.
The key take-home is
look at courses that offer an industry-based learning component. The benefits for you are clear, and there's a good chance that the industry partners will have input into the course materials (and, ostensibly, ensured that relevant / important material was being taught). Both of these factors will make sure you become an employable graduate.
If you're looking for a course that focuses on the IT applications in business side, consider the BIT Scholarship program at Swinburne or the BBIS IBL stream at Monash. You can also investigate Commerce double degrees too (though I fail to see why would need to with the BIT program at Swinburne as they incorporate an insane amount of commerce units in there - you have to overload
every semester as it is a 4 year course crammed into 3). There are other degrees offered by these two unis which also have industry components but cater to more technically minded students. RMIT isn't a bad pick either, but would be behind the above two (for me, Monash won over because of location...I live nearby).
However, at the end of the day, you're looking to a job after your degree. Doesn't really matter where you go, because the skills shortage in IT (especially business IT) is still there even in a global economic slowdown. With that being said, having industry experience before you even graduate will make you much more attractive to recruiters (for example, all of the people in the industry stream in my course have been employed for next year even though their recruitment processes were smack bang in the middle of the whole GFC+media period).