It's not the training, it's the artist that counts.
That being said the general rule of thumb is that the set TAFE course is more scattergun in its approach to more advanced make-up techniques (i.e. anything beyond applications of colour and base to young, white, non-pigmented, untextured skin). I've had some TAFE-trained assistants who wouldn't know how to colour-correct if there was a gun to their head. I don't know if sanitation is a big part of their training either, some assistants have been fantastic with it and other people have been revolting.
There are also some colleges that I won't hire assistants from for exactly the same reasons.
Basically all the industry cares about is that you can beat a face to a high degree and have the pictures to prove it, that you have an understanding of sanitation techniques, that you won't freak out the moment that a darker-skinned/older/scarred/acneic/skin-conditioned person hits your chair, that you're on time and contactable and that you're generally functional.
Until licensing comes into play (and god, I hope it does soon just to weed out all the no-hopers and dangerously incompetent wannabes) your actual place of training doesn't count for much.
