Having lived in both London and Sydney, I really see the draw of both places -- Sydney is absolutely gorgeous, a perpetual beach vacation; whereas London is cosmopolitation and extremely well connected, particularly to Europe. Lots of Brits and Aussies have noticed the attractions of their polar opposite, too. They're forever bopping back and forth between the two, and each city (Sydney more so than London) is overrun with natives from the other. They've got the visa situation pretty well sorted out, for a year at the very least, and there's so much criss cross they just tend to get worked out in the wash a lot easier than Americans do.
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