Kingerz,
I'm guessing by your age you've never climbed there.
Hanging Rock is or could be a worthwhile asset to the climbing community because:
1. It's one of the early crucibles in the development of Victorian climbing with a number of FA's back in the 60's by early pioneers such Harley Burke and the ilk. In other words it has a strong historical relevance.
2. It's one of the most accessible, easy-grade crags close to Melbourne with a number of classic routes from grade 5 and up.
3. It also has a number of harder face routes that were put up by the leading climbers of the 80's, such as Carrigan, Law, Moorhead - in some cases the stuff of legend (the pioneering use of an inertia reel seat belt as a runner is what I'm thinking of).
I've long wished for the day it would reopen and revisit the climbs there. Bridge of Sighs was my first lead.