Difficult to say who will dominate after Australia's current crop are done.
It seems, though, that there have really been 2 teams which have dominated since the late-60s/ early 70s, namely WI & Australia, subject to some other shorter term sies who wree very good like England 1970-72.
SA were very good late 60s but of course were rubbed out. Their side was a terrific one with the Pollocks, Ali Bacher, Barry Richards (for all of 4 tests), Eddie Barlow, etc.
In the same era, WI were very good then came the Chappell era, CLive Lloyd/ Viv Richards era, then Taylor/ S. Waugh.
England have the younger players capable of coming on, but much depends on how their record continues to progress away from home. The dominance of WI in the 70s & 80s away from home and that of Aust. in late 90s but especially in early 2000s is really what set them apart for mine.
To dominate away form home, you must have a truly fine attack. One which can adapt well enough to take 20 wickets in different conditions. That was what made Warne so important to Australia's current era - he provided the variation and could pretty well bowl on all surfaces. McGrath, of course, is useful as well to say the least.
If England are to reach these heights, Harmison must learn to overcome the problems he often (but not always) has away from home. He can be a devastating bowler but has been known to lose the plot in his action from time to time. On his day very hostile though.
Flintoff is a fine cricketer, but his biggest influence must be with the ball when away form home. It will be interesting to see how he and guys like Mahmood develop when conditions are more hostile to their type of bowling. Being able to adapt is the key to success away from home.
Pakistan at full strength also have the right to stake a claim to the next big things title. Unfortunately, we have said that several times before and it remainse to be seen whether the powers that be in Pakistani cricket can get ht emost out of these younger players so that their performances measure up. Based on what happened in England once they got a few of their bowlers back, the signs wree pretty good for them. India a little too uncertain int eh fast bowling ransk at the moment, though imo Pathan has the ability to be one of the best all round cricketers seen in decades. Can be very impressive.
The rest will have hteir ups and downs, but at the moment it seems they will not perhaps be consistent enough with their current crops of players to warrant being considered at this time.