I havent gone through public, but have close friends who currently are. The major difference I have noticed was in the length of time involved. They have had to wait a long time to get in, I think almost 6 months. They are in Sydney. The cost difference is fairly substantial but like others have said it is for the bed and anaesthesist, if you have PHI it is likely that will be covered.

I say if you have a chance of getting a cycle in through public and not through private then its a no-brainer, go for it and good luck with it - hope you have success!