Booking through schoolies can be good for the reason that u can get tickets to things alot easier an stuff like that, such as party week, evoloution or the party cruises on the gold coast. But i am pretty sure you can get the tickets elsewhere.
They show on their website the 3 day pass to the theme parks, but u are not saving much at all, for instance u can get a dream world ticket through schoolies for $52, u can to dream world an get the same ticket for $60. So you are saving a tiny bit of money. And the only way of getting those cheap deals on the theme parks, party week etc is by booking ur hotel and flights with them so they are making big money.
The bad side of booking through schoolies is this, they charge per person per week in a hotel instead of just booking an paying for the room for the week, that is how they are ripping people off, say if the room is $500 a week, they make that per person, its a huge money maker. I booked through a place called hotelclub.com they are really good an you save alot of money an can pick some really nice hotels and you dont pay per person you only pay for the room for the week.
The best flights at the moment are through either jetstar or virgin blue, i have compared them with a maximum of about $30 difference an that is flying economy. Qantas is around $50 difference to virgin blue and jetstar.
If you want to book a deal with accommodation and fights your best bet is to go to a travel agency, but just do ur research because sometimes booking ur accommodation and flights seperate can be cheaper.
Anyway i hope that has givin u a bit of a run down.