Emu,
As one who's done both the Australian ATPL exams (1995) and the JAA exams (2001) I can honestly say that the Australian exams are not a piece of cake. Nor are they impossible. The JAA syllabus requires a comparatively shallow depth of knowledge on a broad range of subjects where as the Australian syllabus requires a much deeper level of knowledge on a narrower range of subjects.
The Australian ATPL syllabus doesn't bother with the multi engine piston stuff as it was covered in the CPL & IR syllabus. The JAA system is set up so you don't have to do the CPL or IR syllabus, just the PPL and ATPL.