Hi CoachB, yes, I am in Aus. (An American studying here..)
You are correct to an extent. The demands are a tad bit different here, we probably don't do quite as much busy work as US students do (which can actually be quite beneficial in the long run, so I'm not knocking it...)and we probably spend more time in teaching sessions with the doctors we are following. That said, I'm usually in the hospital for about 9 hours/day, and during my surgery months it was 12 every day. Difference is I am usually able to sneak away to the library for about 1.5-2 hours in the middle of the day to get a head start on my studying, so that I can devote an hour or two more to training at night.
So, yes, I would have to agree that the system here is a little better for fitting in the demands of training. I would agree that Mitch, because he is a scholarship athlete, has been able to mold his course to fit his lifestyle much more than I have been able to, but my situation isn't too bad. We'll see how my training goes next year when I do all of my electives in the US! I think that the philosophy of one workout per day during the week and stacking huge days on the weekend will hold up quite well... (I hope!)
I really feel that it comes down to the student's dedication to both school and their sport, because it can be done no matter which system you're in. I have friends back home who have become quite successful triathletes and elite runners while in US med schools, several of them competing in the Olympic trials while in med. Not an easy life, but possible.
Judging by your name, do you coach triathletes? And good luck in your races as well!