While I think Australia will win, I don't think it will be as easy as everyone thinks. India are a much different team than the team that toured in 1999 (although they basically have the same personel). What I mean is they are a team who play a different style of game to the one that toured in 1999. They have had a few years with John Wright as their coach and he has formed a good partnership with Ganguly. Ganguly will do his best to fustrate Steve Waugh, which is something that will work in India's favour. Ganguly is a much better captain than Tendulkar and Tendulkar now is in an unfamiliar situation where he doesn't have all the pressure on him. Dravid is the most in form batter of the Indian team, Shewag has added some vigor to the batting order and Laxman is starting to be consistent. When Tendlukar really gets used to this role, the other teams better watch out. He has been a bit off lately (and he is still scoring a lot of runs) and he may just hit his straps in Australia. With four tests we will more than likely see close to 400 (at the very least) runs from him.
The bowling is the main improver since the '99 tour. Khan is improving and Kumble and Harbajhan are proving a formidable combination. With the Indians finally having a versatile attack that when matured will be able to be competitive on pace and spin friendly wickets, they will improve their record away from home.
All this of course depends on the strength of the Aussie team. If MacGill is injured, you can be assured the Indian batsman will tear Hogg apart. Australia NEED Gillespie fit for this series.
Once again, it will depend on how India do on the first day at the GABBA, if they are 2/306 they have gone a long way to being competitive. But if they are bowled out or 8/240 they will be in a lot of trouble, and will find it hard to recover.
On the other hand, if Australia are 2/306 - Goodbye competitive series! But if Australia are 8/240 they can still win the series.
Let us all hope it is a competitve and thouroughly enjoyable series.