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Yeah i have been to Bali.....it was great!!!!!!!!!!!!
You might want to post a thread in the Australia forum - most Aussies have been to Bali before! 
I suggest you stay in Kuta or somewhere nearby if you like a bit of nightlife and lots of shopping. Kuta is very busy and filled with Tourists. If you want to go somewhere quieter then there are lots of other places to go around the island.
There is shopping EVERYWHERE in bali. I suggest you check out all of the markets around Kuta for shopping. Anywhere else around the island is pretty much the same stuff, and it's often a little bit more expensive.
Make sure you bargain!!!!!!!! In Bali everybody bargains. You normally start with a really low price and then work your way up until you agree on a price. Don't feel pressured to buy stuff you don't want from street hawkers, and be assertive. You will get people coming up to you all the time on the street trying to get you to buy stuff, or go to a restaurant or something else. It takes a while to get used to, but once you are then it will be fine.
Also, make sure you respect the local customs. Bali is a Hindu place, and there are little offerings to the gods with fruit and flowers all over the place. It is VERY rude to step on them....you just need to show a little respect, that's all.
There is a big shopping centre in Kuta with lots of actual shops (instead of just market stalls) such as Billabong, Quicksilver, Nike, Adidas etc. I don't think they are much cheaper than anywhere else (at least not back in Australia) so i wouldn't really bother buying much stuff from there.
Some stuff to go and see in Bali:
- Monkey Forest
- Hindu Temples in Ubud
- Monkey Forest (Awesome fun!)
- Beaches / surfing
- Cock fights - they are hard to find because they are illegal, but great to watch
- Night life!
That's all i can remember for now.... 
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:P
