Can anyone tell us about the LAFHA Tax Benefit to holders of the 457 Visa,

There are literally hundreds of threads to browse through, if you do a search.

One thing you should be aware of is that it isn't an entitlement for 457 holders per se. Not all employers offer it, ours don't.

Another thing to be aware of - which neither myself or my sponsoring company was - is that the minimum wage they have to offer ($41000 or something) on a 457 means the taxable wage.
I was receiving a large proportion of my wage tax free through the LAFHA, but this meant that the taxable part of the wage was below the minimum wage allowed.
Immigration did catch up with them and they have had to increase my wage slightly, and lower the amount of LAFHA I was claiming, so that the taxable wage just meets the minimum criteria.
The daft thing is that it basically means I'm no better off and the company is now worse off. What's the point of that?