I quite frankly think as a 'dominating team' Australia has already peaked. Anything they achieve now is only a bonus. If you look at Wisden rankings, or the way they played and listen to views from professionals, it is said that the Aussie team of late 99,2000 and 2001 was amongst the strongest of all time. While its clear they've almost perfected ODI games and are statistically and non staistically the best ODI side of all time (mind you I said this prior to the TVS cup also)..however as a test team and on the whole I think they've clearly peaked. Secondly I read Pontings interview a few days back and he clearly says that he expects his men to play good dominante cricket for a few more months or even a yr, not anymore (not that I'm saying they'll be rank 6 after that).
Australians fans might even counter attack my thread by bringing up the fact that Ponting has taken it one step further than Waugh (by winning their first ever ODI tourney in Lanka).
The strongest West Indian side was that of 81...they were also strong in 79. But thru out the 80 and early 90's, WIs dominated test cricket even though they had crossed their peak - all those victories were more of a bonus or an extra topping to add to their impeccable record.
Same goes for this Australian side, I think they've already peaked, won two world cups, beaten the rank 2 side of 2001 (SA) 6-1 in tests. Of course Australians will tell you they need to win in India and SL also but that between themselves (Indians, Lankans and Australians)..As a netural I feel so.
All in all - I feel this Australian side will lose some games and win a majority, while ppl keep saying their going downhill..I think they've already GONE downhill and come up again....why simply because they have a whole new lot of rookies in their team from Williams, Bracken, Clarke, Symonds, Hussey Bros, Haddin etc. The era of Bichel, Mcgrath and co has taken the backseat.