I'm heading to the SYD one. Went last year and it was pretty good fun. Atmosphere is light and goofy but the wine is still seriously good. Lots of good vendors plus a few from across the pond that do not have a big distribution here yet. Last year I found Charteris (a newish husband-wife team that branched out from Brokenwood to start their own winery in NZ). Plus quite a few stalls always have some extra bonus wine not listed officially. i.e. pre-release vintages, new labels etc. I find these tasting events good in a different way to the more formal trade-tastings, everyone's in a light mood and the winemakers are more likely to let their hair-down and give you the full goss about their wines (both the good and the bad).
I heard the Melbourne last year was held in a garage and lots of people complained (including the vendors). So it looks like they took the criticism and moved it to a better spot this year.
The same guys that organize this event (Bottleshop concepts) are also doing Vin Diemen (formerly called Tasmania Unbottled), a showcase for Tasmanian wines. It's a smaller event than Pinot Palooza (and cheaper at ~$32) but still quite interesting if you want to explore Tassie wines, last year Tolpuddle and Holm Oak were my highlights.
