One interesting issue with the NBN is that while we're going to have plenty of bandwidth, our latency to most services is still terrible. America is 200ms away, and there's not a lot in the English-speaking corner of the Internet that's closer. I hope Google, Amazon, and Microsoft start building data centres locally, or the upgrade will be largely unnoticeable for anything other than video streaming.
I see this as a positive for local industry. Service providers will be able to offer products locally that give a better user experience than those hosted on the other side of the world (moving us further towards a knowledge based/service provider economy etc).
Not everything important on the internet (to many Australians) is hosted in the US!