Can't comment much on series 94 and earlier but that 2004 team is an interesting comparison to the current one. Some good names on paper but I remember how toothless and samey our injury-depleted right-arm-medium bowling attack was.
Batting is fairy strong though - stronger than our current lineup which despite home performances suggesting they're tough, still has a marshmallow centre. Though that 2004 series was also where we established our habit of losing matches through dreadful second-innings collapses, despite Mark Richardson.
I guess you're saying our current team is slightly better than the 2004 team? We're definitely more likely to win matches imo. Probably more likely to lose and lose badly also.
Yeah, the problem with the 2004 team for me, was that they were basically incapable of winning games. No question that the batting in that series was very good, but I don't think it's vastly superior to the current side. Williamson, Taylor, McCullum and Brownlie form a similarly solid middle-order - though I conceed that the 04 side was stronger at the top and the bottom. And as you noted, the 2004 team was similarly prone to 2nd innings collapse.
But the bowling was pretty awful. Vettori was in dreadful touch in the 2004 series, even by his standards. Tuffey was really bowling injured. Oram was being asked to fill the 3rd seamers role, when he has only ever been a decent medium pacer with a bit of extra bounce. I remember on the final day of the first test at Lords, the bowler who looked most likely to get Hussain out was Scott Styris. That just about says it all.
Martin and Cairns were the only bowlers in the side even approaching genuine test class. And until the last test of the series (when injuries to other players forced him to assume the role of leader of the attack) Cairns was bowling well within himself.
So yes, I'd give the current side a slight edge, and I'd back them to win a series against the 04 mob, especially if it was played out on relatively placid surfaces. However, I agree that the 2004 bunch were a better bet to draw a test (even though - Bangladesh aside - they lost 6 tests on the trot that year). I reckon they'd win a series on the sportier pitches that were on offer in 2002/03 and 2006/07 - if only because of Richardson's ability to glue the batting lineup together.