I got accepted into MLS couples of years ago but instead I went to Calgary for law school and I never regret that decision.
I have friends (>10 ) went to MLS or Sydney or Monash so I could draw some comparisons from limited sample I known.
Before I start, the Ranking is IRRELEVANT unless you are such a genius that aimed to get 1st Honor in Mel, BCL in Oxon and end up teaching in law school or work in Top Barrister Chamber in London. U of Calgary probably ranked in the bottom or at least bottom half of the Canadian Common Law School, but even in a bad year we have ~90% articling placement rates and almost 50% of class got OCI job.
First of all, the job prospect for Law Graduate in Australia is BAD, period, most of the JD students has to compete with the local LLB students (most with another Bachelor Degree), and generally speaking Employer prefer LLB to JD from what I heard. Even that, there are more than half of LLB students won't end up doing law because of the tight market or poor compensation (See below). Can you imagine a top law school graduate such as Sydney Law or MLS law graduate end up doing paralegal work? (In compare, U of Toronto), I know A LOT of JD graduates end up in Australia being paralegals.
Yes, MLS has dual degree with Cambridge and NYU..all that sounds perfect but only the top student (1st Class honor) might get that, for majority of students, it required at least a Second IIA degree (~top 25-30%) to get some interviews. If you grade is below that, you better have some great local connections or just forget the whole idea to be a lawyer.
And the PR status is a MUST in apply for summer/vacation student positions for most firms in Aus, unlike in Canada or US which basically no one cares or ask your immigration status (as myself, I did not get my Canadian PR until third year but I still got summer job interviews, job offers and my immigration status has not been asked ONCE in Canada), in Australia, most of the large firms REQUIRE you to have PR status before apply for a summer/internship. There comes the dilemma, in order to get a PR, you need apply for 189 Visa or 190 Visa which need you to have a degree and complete your PLT training and usually a job offer, but how can you get a job offer without a PR status? Difficult task..of course you can still get your PR without a job offer, but your job prospect after that is still poor, it's like the NCA student, even you pass all the hurdles that in front of you, you still missed all the GOOD firm jobs since firms already secured their students 1 or 2 years ago.
Finally, the pay in Australia for Solicitor is pretty bad compared to Canada (similar in Dollars but considering the living cost in Aus), not to mentioned HK or US, that's why I know HUGE amounts of Aus Graduates (especially Asians who have knowledge of Mandarin or Cantonese) ended up work in law firms in Hong Kong, the Aus Degree is relatively more valuable there. (Still.. you have to complete the additional requirement courses, apply for TC contract and Stupid PCLL course, which is a whole different story).
My conclusion: if you really want go to MLS and still want a good lawyer job, study hard, get a great transcript, marry a local or do whatever to get your PR; or learn to speak Mandarin/Cantonese and head to Hong Kong.