This is always a tough subject to discuss, because you only ever go to one program. I have been to all the grad med places in Oz, but only AFTER I chose Flinders, so that is sort of biased.
I chose Adelaide because it was smaller than Sydney and I thought I might freak out in the "big city" (I am not from a big place). All the Aussies bag on Adelaide, saying it is the most boring city in Oz, but I think it is great. Granted, Flinders isn't IN the city, it is in the suburbs...about halfway between the city and the beach. The medical school is attached to the hospital, which I must admit isn't the most attractive building. If there was a picture on the net, it was of the private hospital (which you won't see unless you're eating in the cafe). The main campus is quite pretty, it has a little lake with ducks and parklands. The main uni is divided from the med school by a relatively large hill, which hinders all but the most ambitious. I might go "up the hill" once every 2 weeks (maybe) and that is usually for lunch or to go to the post office. There is a gym with relatively rudimentary facilites, it is super cheap, though. I am paying 4-5x what the uni gym costs, but I am a gym junkie. They've also got all sorts of clubs and societies, fencing, aikido, touch footy, basketball, etc. You can't really do any classes at the main uni, since you're enrolled full time. I did try and enroll in a TAFE course (thats like JR college) but I got kicked out when they found out I was an overseas student and should have paid full tuition. What, they didn't notice the accent when I enrolled?
I have been to Queensland (UQ) and seen some of USYD, but none of MEL. UQ is definitely gorgeous, but I don't think I would fit in well there. Melbourne the city is nice, but I didn't like the combined undergrad/postgrad program.
As far as "life" in Adelaide, there is plenty to do. If you are an avid surfer, this might not be the place, however. Check out the other posts on the board, it is possible here. (Brisbane isn't on the ocean, but I don't know about the waves in the other 2).
You can sail here, there are a few yacht clubs around. I think the best way may be to go through uni clubs and socs, that'd be cheaper and they have boats. You can mountain bike around here, but again the mountain biking club could give you trails to use. It is WAY too hot in summer to get anywhere near a bicycle, I think! The wineries are always fun, you can go to the Barossa, Clare or McLaren Vale in a day trip and taste wine (or cycle through). I enjoy the beach here, it is relatively unpopulated most of the year. Most of the time we just hang out with friends, a typical Friday night involves beer and a BBQ.
Hope that helps.
Cheers!