I went to Cockatoo Island a few months ago when it was first opened to the general public. The place is very run down but they were slowly working to make it more public-friendly. I'm in two minds about this - a lot of its charm for me is in the derelict structures around the place. A row of taps that used to be rusted shut with little industrial tags on each saying "do not use" has been replaced by a nice shiny sink and new taps. I hope they don't end up ruining it by making it nice and shiny.
However there is still a lot that is in a state of general decay which worked very well with some of the artworks. It's great to go into a dark, derelict building with paint peeling and encounter some strange artwork.
Warning - this is not a nicey-nicey art show like Sculpture by the Sea. Some of the works are quite confronting or deal with dark themes - see in particular comments on Mike Parr below.
Some pics:
Near the wharf. This is a new structure made with some old bits and pieces:
However the older stuff is pretty great:
And there are still some good industrial landscapes (note the two gratuitous seagulls on the right):





