Looking at that scorecard, both sides what I'd consider strong sides. Certainly, the England side looks terrific (Hoggard, Caddick, Flintoff (@ 7 too!) and NZ's side did as well, despite lacking Cairns.
Don't forget, Hoggard and Flintoff were crap at that time. Novice players with some amount of promise, that's all.
NZ should've been damn good around then, but O'Connor was injured, Nash was injured (neither would return
), this new fellow who'd played 2 Tests and taken 3 wickets at 96 was injured, Cairns had got injured in the First Test, Fleming was hopelessly out of nick and out of luck that series, Horne likewise, Parore was in his last series and seemed to have already got most of his head in retirement, and Butler and Drum were... well... awful.
England, aside from the Hoggard and Flintoff cases, had Butcher, Hussain and Thorpe, but then we had Ramprakash, whose tortured tour finally ended his time as a Test cricketer; we had Foster who was inept too at that time; Giles who was innocuous as ever; and Caddick who was good but should've done better, especially in the Third Test.
It wasn't as good as it should've been.