From what I get from wikipedia:
http://en.wikipedia.org/wiki/Hot_chocolate the major difference between milo and hot cocoa is that our hot cocoa has no other ingredients. It is simply powdered chocolate. It is bitter unless you add sweetner.
You can get varieties with sugar in them and also malt.
Apparently, milo, like vegemite, was created for Australia and New Zealand as a way to get vitamins to the populace. We get most of ours in cereal or pills.
Artemis
