As far as the actual coverage goes, it's reasonably good.
if you spend the night in hospital, all medical is covered. If not, then the first $600 or so of your claim is not covered (an excess). (If a medical provider does not bill the tac direct (say a physio), then you will be out of pocket as the tac only pays a scheduled fee like Medicare. If they bill direct, then no cost to you.)
income payments are only covered after 1 week. Only 80% of your wage is covered, up to a maximum of about $1200 a week.
they will reimburse you for taxis to get to and from work and medical appointments if you can't drive.
they do tend to suffer from some of the beaurocratic crap and inefficiencies you would expect from a government department, but on the whole they get the job done and the cover is well worth having.