Just Listed (owned and operated by Sensis.. read Telstra)has been around for a couple of years now and provides only basic listing information. The site is pretty clean and because it is free many agents list properties on the site. However it has some long roads to travel.
I am sick and tired of Sensis owned sites crashing in browsers or making the consumer wait while their ads load (many in flash).
Another thing that is painful to agents is the fact that you need software installed on the client side (agents computers) to upload images. This is just plumb dumb.
Aside from my gripes (i have a few) the Just Listed site performs a reasonable job. Sensis announced that it would take the site national in the middle of this year, but my feeling is it will be integrated into the Trading Post website when it does go national (this is based on no facts, just a hunch)
Summary
Poor, needs an upgrade, outdated listings, painful interface, ads load slowly and user must wait too long (see Whitepages and Yellowpages websites as well)
Sensis needs to get this right, having bucket loads of cash does not guarantee you success (see Sensis Search Engine) and putting consumers last (after your content and advertisers) fails 100% of the time in the online world.
Hire smart people who do not give a damn about your revenue model to create the systems and then bring your ad people in to reach a compromise and you may get the consumers to actually like what you are doing and use your online services.