Do not go to Mount Hotham if you are looking for steep terrain (those who say it's the steepest they've seen, obviously haven't seen much!!) While Mary's slide isn't bad there are not many other steep runs and as for vertical decent, it really struggles.
I am Victorian, have been going to Hotham for some 10 years now and love the place, but it's not because of the snow or pistes. It's a great fun-in-the-sun ski resort with good food and decent parties. If you're extremely lucky you'll get 10cm of fresh in a short trip but more often than not you'll be skiing man-made snow.
I guarantee that if you go with the right group of friends you'll have a lot of fun, just don't expect short lift lines and powder... nor expect to leave Mount Hotham with much money in your wallet...