I like the new approach to metadata at ArcGIS 10 because I fall into the camp that prefers minimal metadata for many purposes, but like to have the option to work with more comprehensive standards when they are appropriate.
My understanding is that the ANZLIC Metadata Profile 1.1 (based on ISO 19115) is very similar to the ISO 19139 Metadata Implementation Specification so can the ArcGIS 10 metadata style called ISO 19139 Metadata Implementation Specification simply be used or is the ArcGIS/ANZLIC community awaiting the release of an ANZLIC specific metadata style for ArcGIS 10 by Esri or a third party?
A reply to an ArcGIS Discussion Forum thread suggests that it might be.