I'm surprised it developed at all to be honest. It's done so very rapidly, and the BoM were right all along in saying it would form on Sunday. Good work to them.
On the latest advice, they suggest it could reach Category 2 intensity, which makes it very similar to Cyclone Nelson back in 2007. I guess as Pete said, the major question is if it will reach over into the Coral Sea, or if it'll head too far inland to reform itself. Interesting system, nevertheless.