I think it's a rather large mistake that could theoretically shut down the games industry here in Aus and cause a lot more developers to stop exporting here. We already have to wait months for some releases anyway, what if developers expected to be banned anyway?
In the end nothing has been stopped in Australia. I was going to go and buy this game on release day because I was pretty excited by it, but if I'd pre-ordered it on Steam I would be stuck with the low violence rubbish that made Left 4 Dead have literally no atmosphere over here.
I won't be personally, but I'm sure a lot of people will be pirating SR4 in Australia, and getting the dozens of DLCs and pre-order stuff for free with no fuss.
I'll probably play it one day. But not on release, and I won't be paying retail for a bloody censored game.