Canberra is a stinking rat hole. No question. (I lived there for a year, and left as soon as I could). On paper, everything sounds perfect. The best infastructure in the country, Lot's of shit to do, Great nightlife (Easily better than ANYTHING Sydney has got to offer), and many more. However, it just doesn't really seem to add up when put into practice.
Despite the fact that it is the 'Nation's Capital', it feels much more like a small country town (not that there is anything wrong with country towns!) than the political capital of one of the largest nations in the Asia-Pacific region.
And the weather is bullshit. It is either sweltering hot, or freezing cold. All the shops shut down at 5, and it's full of spoilt and overpaid Public Servants who have never had a 'real' job with an actual 'boss'.
But having said that, I seriously met some of the coolest people that I have ever met whilst in Canberra. While you will find that all of the adults are total pricks, all of the Uni students and young people are so cool and welcoming. Heaps friendly, and really laid back.
'Civic' (Canberra's City Centre, and where all of the nightclub's are situated) is so much fun. Cheap drinks, cheap (and sometimes free) entry, no lines and ques, and the fact that all of the clubs are within walking (or stumbling) distance of each other, makes Canberra the place to be for a night out.
My verdict, if your degree is the most important thing for you, go to ANU. It is ranked 16th in the WORLD (..Big deal!), and by studying in Canberra you have access to the National Library, High Court, and many other highly valuable resources; especially considering you are studying Law.
Macquarie University doesn't have anywhere near the prestigue that ANU has, and it's in North Rhyde, which is 10,000 years away from any of the action that Sydney has to offer anyway.
However, once you have finished your degree; get the fuck out of there. You will probably be offered a cushy job upon graduation, but I beg of you to resist the temptation. Canberra is ALOT of fun when you're young and going out in Civic every weekend, studying at the best Educational Institution in the country, etc. But you would never want to live there forever. *shudders*