Frankly, no team in action now can dominate the game for a long time. We're talking of competition for positions 2 and 3, but even the Number 1 team will be debatable in a year or two.
Australia: The stalwarts are getting old, or maybe retiring. Most of the reserves are not up to the mark. This team own't be the dominating unit of the late 90's or early 2000's, but still competitive.
England: One-series wonders, maybe? One-man team? Probably. We've seen how they fall apart when their key players (Flintoff, Harmison, Trescothick) are either absent or not performing. In Tests, it all depends on their fitness, but we've seen them win the Ashes at home and lose a Test series against Pakistan shortly afterwards.
India: This is a team that's doing well, but one slip-up often results in massive steps backwards. Not the kind of team that can dominate. The talent is there, but they're not taking enough risks, and not backing themselves enough.
New Zealand: They have the work-ethic, the team spirit as well as the strategy to win matches and even tournaments, but to dominate will take a lot more. Raw talent is needed, and not just in one or two in eleven. And all have to stay fit for a long time.
Pakistan: If this team is more consistent, they can dominate the game.
South Africa: Refer New Zealand. This team has more talent and a lot more power, but execution has been missing.
Sri Lanka: If this team can dominate, it will be a miracle.
West Indies: Likewise.