I know the consensus belief is that NZ have the best legacy, but I think that might be helped by SA's isolation.
Well, we all know that South Africa were unbeatable on home soil in the 80s, but since the game turned professional, and since South Africa's return from isolation really, NZ have had a much better Test record. Historically, we've won 54% of Tests against South Africa, but in the professional era it's risen to 71%. South Africa remains a difficult place to win Test matches, but the Boks' air of invincibility has taken a hit by not producing strong touring sides in the last 15 years.
You mentioned the Lions have genrally done better than the Boks. Like I said, I'm no expert, but all I've heard of with the Lions is a thrilling drawn series in the 50s, and of course going undefeated in 1974. Both among the best Lions sides.
The Lions won the early tours to South Africa in 1891 and 1896, as well as the drawn series in 1955 and series victories in 1974 and 1997. 1971 remains the Lions' lone success in NZ, but traditionally NZ have taken Lions tours extremely seriously. The All Blacks' reputation was built on European tours by the Originals and the Invincibles and this extended to Lions series and subsequent Northern Hemisphere tours as Tests began to be played more frequently in the 50s and 60s.
And lets not forget SA had four Grand Slams over NZ's two...
NZ haven't had too many opportunities to compete for a Grand Slam. I can only think of two tours ('63-63 & '72-73) where we missed out because of scoreless draws. Many of the great NZ touring sides never got a chance. South Africa haven't done it since '60-61... These types of tours aren't contested on a regular basis. Overall, our touring record of the Northern Hemisphere is stronger than SA's.
Whereas SA beat NZ in the 30s, and came damn close in 1981... in fact, apparently there was an Allan Hewson penalty given that gave NZ the 1981 series that shouldn't have been given.
Actually the Test would've been drawn and with it the series.
Yeah after what you said there, and how Wales dominated from 1986-1989... I think Wales are a pretty safe pick for #3. I have no problems saying Wales at #3.
Wales and England are neck-to-neck -- England have won 35 titles to Wales 33 (25-23 outright), and Wales didn't just dominate the 70s, either, they had strong eras at the beginning of the 20th century & again after the Second World War. Again this is a case of England being more dominant in recent times, both in the 90s and in the current decade. England have probably had longer droughts in the Championship, but historically they've been more successful against the Southern Hemisphere.
Certainly, teams from the South Hemisphere feel a stronger desire to beat England than Wales.
Knocking off Les Blues? Maybe. It's the same argument as Wales vs. England. Wales were better once their game got going... and France from the late 70s and early 80s were amongst the best in the world. I'll willingly admit I don't know a lot about French rugby, but I know enough to know they have a tremendous legacy of greats. I think their legacy of greats might be greater than England's or Australia's.
France took 44 years and 37 tournaments before they finally shared a Five Nations championship in 1954 & they didn't win it outright until 1959, which was the makings of the first great French side -- who, in 1958, were the first team to win a Test series in South Africa since the Lions in 1896... The reason it took them so long to win a stake of the title was the fact that they were expelled from the Five Nations from 1931 to 1947 for allegedly infringing the amateur code. Since then they've had success in every decade.
The bottom two of my top five I'm iffy about so I'm not one to say for sure... Australia piped England for me because:
*They have two world cups to England's one
*A Grand Slam
*Can say there were best in the world for a good period of time from 1991-1994 and 1999, where as England might only have 2002-2003.
*Had a decent history of results against SA back when nobody could beat SA. These days they can't beat SA in SA to save their lives.
But they're not even close to being a certain pick for my top five.
* The World Cup is only a recent phenomenon, and to be fair, their head-to-head record is 2-2 in World Cup play and 1-1 in World Cup Finals.
* England don't compete for the equivalent of a Grand Slam. It wouldn't be fair to judge Triple Crowns against Australia's 1984 Grand Slam. Besides, England accomplished something like a Grand Slam in 2002 when they beat all three South Hemisphere sides in successive weekends at Twickenham.
* These days teams have a small cycle of being the best in the world (2-3 years). Australia's early 90s period was really no greater than England's. Heading into the '99 World Cup, Australia were not considered the best side in the World. In 2000 and 2001 they may have been. At home, anyway.
* England didn't tour South Africa until 1972 and that was a one off Test that England actually won.
I'd probably go:
New Zealand
South Africa
England
Wales
France