Vastly inferior, are you kidding ?? May be in bowling, but in batting I think that team was as good (if not better) as this one. This team has players like Bell, Strauss, KP and to some extent Flintoff who have not proven themselves against Spin. As for the Indian team I dont understand how a team of SS Das, Deep Dasgupta, Dravid, SRT, VVS, Gangs is better than Sehwag, Gambhir, Dravid, SRT, VVS, Gangs.
That said, I dont think India will have it that easy. This English team has great bowling attack and they are playing with great confidence and that's why my bet is 50:50 for India-England series. As for Pak-Eng series, I think the current Pak team is highly underrated now a days, I think they have a very good batting line up and play fast bowling very well, they are little weak in Fast bowling department, but they have Kaneria so I give Pakistan 50 percent chance of winning the series.