Fair bit of hysteria here. Bring it on, sounds like a hoot. It will only mean delays in regional terminal areas (no tower) if pilots are unwilling to use the flaky VFR procedures they (more or less) currently use in G. Procedural separation standards are a bit huge though.
E airspace over Melbourne down to 4,500, bring it on!
The only problem I had with Mr. Smith was his claims that these arrangements would save money or increase safety, when it is fairly obvious the cost will be huge and involve a decrease in safety. It still may be affordable, and will probably still be safe enuf.