Having played 11 of the top 20, I'd say they all sit in fairly reasonable spots, but I do think RM East is too high given the state of 6-8 and 14-15. With that fixed, as I understand is being done, it is top 5-6, IMO.
Newcastle has moonwalked a few spots backwards, and it's likely that will continue at pace if they ever act upon their Ross Watson masterplan.
It's wonderful to see The Lakes receive its due and I believe that before too long it and NSWGC will be very close to one another in the rankings, around #10.
Chappers: IMO there is little doubt that a completed Bonnie Doon GC will enter the top half of this list, on the strength of the first seven holes being finished currently. The big question at the moment -- as stage 1 draws to a close -- is when we will have a completed Ogilvy Clayton Design golf course. I hope, as do the members I've discussed it with, that will be some time in 2013 or 2014.
Josh: The word around Sydney is that The Australian has contracted Nicklaus Design to come back and redesign the course. Not sure how comprehensive that work will be.