I'm going to add in my two cents - I think there's a couple of things that weren't mentioned that really set this degree apart from the typical science degree. If I'm not talking about something, it's because Floatzel and AngelWings have already answered it.
So, firstly: classes. As mentioned, everything you do class-wise is available to a normal science student. Anybody can do research units, or advanced units, if they scored well enough (only need a D average, which you'll need to stay in the course anyway. Maths is the only exception, which requires two third year HDs to do the research unit).
However, normal science students can't choose when they do the units. You can. Research students will often have pre-reqs waived - the most common ones to do are for astrophysics and SCI2015. First year astro is nothing like actually astrophysics, so often the research students will skip first year astro so they can get to the meatier, actual so astro. As for SCI, you have to do it, but why do it in second year when there are fun electives you could do, when you could move it to first year instead of continuing, say, geology when you didn't like it in the first semester. I also did this to move a third year Chem unit into second year, so I could then do a second year unit in third year and get an easier third year.
Also, you don't get exclusive classes with others in the degree. But, you do get an exclusive first year camp with them, as well as a common room with swipe access only available to advanced science students, and a student society that runs cheap pizza nights, trivia nights, karaoke nights, etc. So, social side still clears out. You'll probably find these people in your classes, too, so it doesn't matter that there are other, normal science, students around.
Next, the "employability". No, this degree doesn't get extra employability chances. Those are shared with all of science, don't be greedy.
Instead, you get more opportunities to do research - after all, it is in the name. Research students are the only first years in science (potentially even at the University) who are allowed to do research projects. Even more than that, there's a research scholarship called ResearchFirst that only research first years are allowed to even apply for. On top of this, if you ask an academic if they have room for an undergraduate researcher, and mention you're in this degree, 99% of the time they will take you if they can - and if they can't, they'll normally still find a way. My own supervisor actually told me his reasoning on it - any science student could be really good, but being in this degree is like having a sticker that says, "I'm smart, motivated, and want to do research", and those are the best kinds of student an academic can have. And if all goes according to plan, you should also get an academic mentor.
Ask away if you have any more questions. Preferably, in here and not my inbox.
Quick question! Are students (who are doing this degree) often allowed to do more advanced units in certain areas if, for example, they did a university subject (in that area) in VCE and did well - or have a scholarship etc...Also how lenient are they in regards to letting students do later year subjects.
Many Thanks! 
Yes, but in consultation. See above for physics examples, but I also know people that did a second year Chem project in there first ever semester, people doing third year geology in first year, and someone who did second year zoology in first year.
When you get the offer, you'll be invited to speak to the course coordinator for orientation to discuss your units. Ask them about it then.
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