When i went to Sydney last year, the way i described it to people back here in London, was that it was London, but on the water with lovely beaches and scenery. It's very similar to here, expensive houses, big companies, city living, just a nicer setting. It's also why I prefer Brisbane to Sydney personally, as i've been in london for 15 years and I want a different pace of life if I get over there.
It depends what you want from life I guess. You can compare places endlessly, lord knows i've been doing that in my head for the last 3 weeks, but I just found I live a lot more when there's blue skies, gorgeous beaches and you don't have to worry about the weather.