I think too much is being made of the Australia' test series loss to India, the Indians played good cricket and the Aussies were never really able to put them in any sort of trouble after the 1st test, and the lack of variety in the bowling attack and the inability of Clark and Lee to step up in the Indian conditions was what really contributed to Australia losing the series, i think the Aussie bowling attack is still good enough to take 20 wickets in most conditions expect for maybe in the sub-continent (mainly because of the spin problem), and i think India are the only side that have the all round balance in their batting and bowling to compete with Australia on a regular basis as they have prove over the years now.
As Goughy said Australia have always set the bench-mark and whenever a team has played upto their level, great test cricket has been on display (eg. Ashes 05, India in India 2001), given the strength of previous Aussie sides that doesn't use to happen too often, but this Australia side would have to fight for most of their wins against the good oppositions, but still i am confident that they would continue to do well, the same aura of dominance that they have had would no longer be there, but still they can will most of their games but maybe not as convincingly as they used to.