All uni's would've started by now. I'm starting Environments this year @ Melb so I'll tell you how it goes lol.
I was tossing up between the 2 courses as well but ended up putting Environments as my 1st pref. With the Monash course, you pretty much do 5 years of full on architecture, while at Melbourne the first year is pretty general.
You have to do a core subject which is (pretty much) like geography but then there are other subjects like Designing, urban, virtual and constructing environments (these are the ones I'm doing this year) which pretty much sets you up for the proper architecture subjects in 2nd year.
With Environments, you can still change what you major in after the 1st year (ie. do civil eng, construction, property, landscape archi, etc)
Campus/lifestyle was also a factor. i couldnt see myself doing 5 years of uni at the monash caulfield campus but i guess it's different for everyone.
like i said, I'll let you know how environments is after I've had a few more weeks under my belt. mayb pm me or something if u hav questions cos i wont hav much time to check this.
=)