I went to this event this year with Dan and can't speak highly enough of it.
The organisation is fantastic, the locals really go out of their way to help out and make it a really well run event.
Even though it is not a race, as such, you will find that anybody lined up at the front, at the start of any of the stages is out their to beat anybody else who is foolish enough to also be at the front.
The climb up Mt Buller is at the end of stage 2 which is about 90-100k into the day. The 30 or so k's ride out to the base is a false flat which is very deceiving at the time., (you appreciate it the next day on the return trip). This "hill" is about 16k long with plenty of switchbacks. the initial gradient is average 8% (from memory) for the first 14 k,s then ramps up to 10% for the last 2k. :'(
This year it was very hot with plenty of leg cramps to go around.

The next day is down Mt Buller, where they close the road, tour de france style.

This stage is about 120k which has about 4 or 5 mini "Bullers" to contend with, just to get whatever strength is left in those already burning quads.
The accommadation is reasonable although you would have to book in early to get the plush style accomm. But if you don't mind camping or sharing ski resort style accomm. at Mt Buller there is plently of variety.