I think the context in which the squad was selected needs to be taken into account before we criticise/commend the selectors. IIRC, Ponting said at the end of the test series that this was only the first half of it, implying that Australia was leading 2-0 in the best of six tests. The Australian selectors therefore went out to select a conservative squad, preferring those they knew over those they don't know or are unsure about.
There is an article in today's Melbourne Age that quotes Tait as saying that he expects to go to South Africa pretty much as Lee's back-up and he doesn't expect to play much. Kaspa is experienced at Test level and Clarke has been in the national set-up for a while, albeit at a ODI level rather than Test level.
You always felt that Hodge was playing for his spot in the side. Making the double century in the manner he did by adopting a cautious approach rather than a perceived "play for the declaration" approach so the Aussies could bowl the South Africans out might have counted against him, and the fact he did nothing with the bat after Perth in two Tests also didn't help. Hohns said that Hodge needed to go back to Pura Cup to put runs on the board, but according to Shipperd (Bushrangers' coach) Hodge was ill for the game before Queensland and made 20 and 30 on a pitch not really suited to batting. Martyn, on the other hand, was clearly scapegoated for the Ashes, has done well for Australia in the past and was first cab off the rank.
Waton could/should have come in for Symonds but when the selectors take a conservative approach, unless the incumbent really makes a mistake to show that he doesn't deserve the spot, it wasn't going to happen, especially when Punter makes a public call supporting Symonds and everybody (who counts) expects him to find the form that makes him so fearsome in ODIs soon.
Things may change for Bangladesh - who knows?
The good thing for the Vics is that they at least have Hodge for the game against the Warriors to secure a place in the finals and if they make it, they won't have to face Kaspa.