I heard that too about Crafty Frog (in Kambah) and I went there and wasn't so impressed. It is a tiny place crammed with things - mostly cross stitch etc. Some beading stuff on stands but not a whole lot. It is not bad and worth checking out but I won't be going back there.
For beading definitely try Bead Street in Phillip and there is one in Belconnen too. They have walls and walls filled with a million little jars of beads and findings.