I hit the slopes every year, and i never take the line up there. The only time i would consider it it when some mates and i stay at the base of Mt Buller and i could leave the line there each day and just enjoy the drive up and back to melbourne.
Some of the reasons i stay clear of the snow in the skyline (particularly the day parking areas) are; wet snow and mud WILL ALWAYS get in your car no matter how hard you try to avoid it, people always flick mud/slush/rocks up as they drive around hitting the cars, there is no way i would able to get chaines on through the 2-3cm tyre/guard clearance i have, and finally the amount of times i have seen people with skis/poles/boards hit cars would make you cringe.
HOWEVER just before and just after the season when the roads are totally free of snow and ice most of the way up the mountain I often go up for the staff start/end of season parties at Falls Creek. This is the best time to go as there are no tourist busses, no cops trying to raise serious revenue (if you have ever been even 5km over btwn Mt Buller and Mansield during the season you know what i mean) and there is usually snow at the top to take pics if you want. The mountain roads are some of the most challenging and rewarding to drive on and the fact they are usually in very good condition makes them verry attractive.