If imitation is the most sincere form of flattery, Melbourne's Giant Theremin should feel pretty great.
In this video, Stephen Martin (no, not that one) discusses how he's working with a group called the Theremaniacs (no, not the Theremaniacs you're thinking of) to build a Giant Theremin (but not a real one, and not the one from Melbourne) for Burning Man 2012 (yes, that Burning Man).
http://www.youtube.com/watch?v=VF2Amidxwzo