You get checked on a few things, I'll outline what you need for rego:
Headlight - High beam & lowbeam.
Tail light - Stop light, marker light, number plate illumination light (usually all in one)
Indicators - All four work and flash at a consistent rate.
No oil leaks, excessive smoke, excessive exhaust noise or operation that is otherwise dangerous/unlawful (eg sticking throttle).
For your blue slip, though, they will be a bit more stringent and will look the bike over fairly carefully. It is down to the individual tester what gets through - some like this, others don't like that. If its stock then it is almost ensured to get through as long as all the lights etc work.
Modifications also take time, and having a base running bike is the biggest concern. If you start modifying straight away it might be some time before you get her registered!
Cheers - boingk