I'm not a VU student so can't really comment on the quality of the course.
As for employment prospects, it really depends what you're actually looking for. If you want a position at a top tier firm you're really going to have a struggle and will need probably to top most of your subjects and also have a lot of good extra-curriculars. I've heard rumours that VU applicants are simply not considered, but I'm sure they'd at least give some thought to the top few students. So basically, you have to have very, very high marks to make up for the lesser competition/reputation at VU
If you then start to go down the spectrum to mid-low tier then you should have an easier job of it.
Or, you could try to go to the bar like this example of VU hilarity
Re Legal Profession Act 2004; re OG, a lawyer [2007] VSC 520 (14 December 2007). This obviously isn't really a reflection on VU just a reminder not to collude!
