I've only been to Sydney, so my experience is quite limited. I enjoyed Tetsuya's, although I had heard so much hype about it before I went, I was a little disappointed. Had I gone in with lower expectations, I'm sure I would have loved it.
I really liked Becasse (Surry Hills) for their understated elegance and very well-prepared food, and Bistro Lulu (Paddington) for the great value prix fixe offered for the early dinner seating (very handy for jet-lagged travelers).
And a classic Sydney breakfast spot, Bill's (Darlinghurst), has good eats and great atmosphere.