As expected, some of the comments are blissfully ignorant.
http://www.theage.com.au/victoria/bike-riders-bid-for-carfree-zone-to-extend-into-st-kilda-road-20120329-1w16z.html
Personally, I like it. As someone who has commuted through this section of St. Kilda Rd daily for the past 4 years (on foot, on a tram and by bicycle), I think it makes a lot of sense. You really need your head examined if you're down there in a car first thing in the morning. It's an ugly mess, and this should help to improve things substantially.
