Well, it seems there is still confusion about the new regulations, this time from Vicroads themselves.
I was at the East Burwood office, and overheard a young guy - who has a P-licence issued before July 1, 2007 - trying to get a definitive answer before he picks up his R34 GTt tomorrow. According to the Vicroads officer, the new regulations mean that P-platers cannot drive a turbocharged (among others) vehicle on P-plates after July 1 2007. However, if you check the Arive Alive website, it clearly states that if you obtain your P-licence after July 1, 2007, then you can't drive a "restricted vehicle"; if you already have a P-licence, issued before July 1, 2007, then you can drive a vehicle that is restricted after July 1, but is not restricted by the P/W rule.
No wonder road safety in this place in such a stuff-up.