I think your general assumptions about Australia are on the mark. The way I like to describe Aussies is with the openess of the yanks and the sense of humour of the poms (British). It makes for a self-deprecating fun-loving bunch. We tend to work hard and play hard. In that sense the work-life balance is well appreciated in our culture.
Salaries and workloads are probably comparable to the US, and depending on where you settle, housing can be very expensive to reasonable. Sydney and Perth, for example, are relatively expensive places to live right now. Melbourne and Brisbane are more reasonable. All depends on where you want to live in town too.
Weather is generally fantastic (I live in Perth, which has a San Diego-like climate), and the beaches are great. Every Aussie city is on a beach (except Brissie or course, which is on a mud beach).
I have worked for a university in Australia, but not for a decade now, so my knowledge of tenure/salaries is dated, though you could find out plenty by browsing the net.
Most of all Aussies don't take themselves too seriously... see:
http://members.iinet.net.au/~bulldust/graphics/AustraliaDay.ppsOh, and we are sports crazy, but you won't recognise most of them. While basketball and baseball are played, Aussie rules footbal, rugby and cricket (baseball on valium) are the biggies here.
Cheers,
Bulldust
*EDIT* Here are the pay scales for Curtin University in Perth (Western Australia) as an example:
http://staff.curtin.edu.au/staffservices/home/salaries/salary.cfm?page=academic-apr2008These are in Aussie dollars, but that is almost on parity with the US$ now (not bad from under US$0.50 a few years back). But the median house price in Perth is close to $500k now, which is about the same as Sydney. Other cities would have far more reasonable accommodation priced around $300-400k.
PS> Australia is the size of the lower 48 US states in size... everyone lives on the coast and there ain't many people in the middle. If Perth is equivalent to San Diego, for example, then Adelaide is the nearest city (equivalent distance to New Orleans). On the east coast, however, cities are a lot closer together (i.e. a day's drive or less).