The young scholar program is open to 5 high achieving nominees from each school, from which at least one must be selected... there were two from my school. Basically, us "kwongers" attend events at melb uni throughout the year; information days, revision lectures, end of year celebrations, etc. Then there are advantages upon enrolment as well: study abroad scholarship ($2,500), guaranteed place in a new gen degree with 95 (I know this is true for biomed, but not sure about other courses), a flattering blue and orange jumper declaring your nerdiness to the world.. and the joy that comes with telling others you are a kwong lee dow young scholar, lol.
This is all predominantly a ploy to lure the cream of the crop to melb uni to maintain a high standard following the inception of the model - a highly effective one i might add.
http://www.futurestudents.unimelb.edu.au/school/kwongleedow/
Hope that helps.