Wrt to Tests, the last Test series Australia played had a scoreline of 5-0. Come back to me when they're not in the middle of a 12 match winning streak. Granted Australia have lost their two best players and that's always going to be a massive blow, but after watching alot of cricket over the past year, I can safely say that nearly every other side has seemed to drop off as well and the supposed second best side, England, have spectacularly self-destructed. I'd be worried if any other sides were making leaps and bounds and rapidly improving at the same time as Australia were losing two champions but they're not and things are only going to get worse with the retirements of Murali, Vaas, Tendulkar, Ganguly, Dravid, Kumble, Pollock and others in the next few years.
India? Also, the point NZtailender made about back up strength is very vital. You need bench strength if you want to be a top quality international team consitently today (which is a bit different from even 2-3 years back) and India certainly has that
right now. For instance, bowling wise, we still delivered in England despite Munaf being injured.
India
RP
Zaheer
Munaf
Sreesanth (he at least has talent and hopefully will get better with experience)
Irfan
VRV (can run in for you all day. Rate him a bit but even without him, 5 faster bowlers are pretty good)
Spin
Kumble
Harbhajan
Kartik
Openers
Jaffer
Karthik
Chopra
Sehwag (suspect again but still at 4th, not bad)
Middle order
Tendulkar
Dravid
Yuvraj
Ganguly
Laxman
Keepers
Dhoni
Parthiv Patel
Karthik (can come in as a keeper too)
Australia's bench strength has certainly reduced in tests with the retirements of Langer, McGrath, Warne. India v Australia should give us a lot of answers. One thing's for certain though - India, in tests at least has been going from strength to strength. Also, I don't see how you can see other teams will necessarily get worse by losing players like
Murali, Vaas, Tendulkar, Ganguly, Dravid, Kumble, Pollock compared to Australia. If other teams will lose players, Australia have lost McGrath and Warne too and will lose other players in the future too.