Hey,
As far as I am aware yes, its very good at given you broad knowledge of every aspect of business functions. You will do 2nd yr accounting and finance aswell as business law, HR and strategic management etc - some units not available to commerce or any other students at the uni. Here is the link to the units that you must study:
Bachelor of Business Administration - 2010 Course Handbook - Macquarie University
You could then take your electives in psychology or combine psychology like you said as a combined degree. The good thing about the BBA is, if you do it as a single degree you will have a number of electives so you can choose whatever you want to do.
Its basically just the bachelor version of the MBA, so it will be suitable for moving into any business or management job, depending ofcourse whether they would have preferred you to have majored in something. For me it's the only down point of the degree, but for some it's the best point.
As for the people and the uni itself, I guess thats all in the eye of the beholder. For me, I like macquarie because of the flexibility of the degree, I am doing a bachelor of commerce with a major in marketing and another major I am yet to decide on PLUS I get to take units from the media department as electives, which I am really looking forward too. Although I am sure its possible at the other uni's for me, it just seems so easy to do.
The uni itself is fine, some parts really need looked after but we are getting a brand new state of the art library at the end of the year. I find MQ a little bit disorganised, money hungry and rumour has it the exams are the hardest of any uni causing people to have to resit (which is more money for the uni) but I find the people really friendly. Lecturers are always a hit or miss unfortunately, I have had some great ones and some AWEFUL ones.
I guess every uni has its pros and its cons and I would just look at the first year units - if you are thinking of transferring, do the ones that are similar to the ones at UTS so when you move you will be credited for already doing the equivalent of the units needed - instead of having to do more 1st year units prolonging your degree.