Alot of people suggest that schoolies is overrated and/or a waste of money BUT these people have NOT GONE. For me, schoolies 03 at surfer's was the absolute BOMB. It's not even about getting smashed off your tits 7 nights in a row (even though that adds to it). It's the whole atmosphere- what other chance do you get to meet hundreds of other awesome people your own age? I made a tonne of friends who i will be going to uni with, who i never would have met otherwise.
My advice: GO TO SURFER'S. Stay in a schoolies organised hotel, so that way you will never be told to keep it down. Even if you are underage, there are parties all night every night in the hotels. I don't know anyone who ever had a shit time at schoolies, or wished they never went, but i do know some people in my year who didn't book and regretted.
If you want, International Beach Resort is tops, and the Sar Club is pretty choice.