We did Australia/NZ with our 15-month old thanks to the UA business class mistake fare a few years back (just couldn't pass that up!) I would not hesitate to do it all over again though traveling with children that young presents its own set of challenges.

Aus/NZ is a good choice because many of the tourist attractions are outdoors so it is easy to bring a child (I recommend one of those backpacks that you can stuff him in for hikes to glaciers, etc.) In addition many restaurants are child-friendly (unlike the US) with play areas for children, though he may be a little young for that. Feel free to PM me if you'd like more details on what we did, tips, etc.

That being said, it is much easier to camp out in one location for a week than to travel around a country like Australia. IMO beaches and resorts are great - when our child was @ 1 we also brought him to resorts in Arizona, Maui, etc. where we hung out at the pool or beach. Agree that Paris is probably not as good, at least if you want to see museums and enjoy fine dining.