Psych at MQ is the most popular, and it is ranked the highest in Aust, and 5th highest in the world or something equally impressive. Its like, you go to UNSW for Law, USYD for... umm... prestige?, and MQ for Psych.
Its a v. organised faculty, with an extensive choice in electives, and the lecturers are great! v. engaging, and they know what they are talking about (which always helps). They're not afraid to get into debates (and they always win)... generally, I'm v. happy with psych.
All the tests are 120 mulit choice, which sounds cruisy, until you're in there doing the actual test, and you realise how complex the topic you learnt was, and how all, bar one of the possibilities could be a potential answer. The assessments are ok (first year, you research the causes of road rage, and do two other essay-things...).
So, in short: Pick MQ, it kicks everyone elses ass!