I still back Waugh as the better batsman and captain.
Batting wise, Waugh faced FAR better bowling. I mean seriously, who are the premier bowlers in the world atm, besides the Australians?
Murali
Ntini
Kumble
Pollcok
hoggard
Bond
Clark
Asif
Flintoff
Shaoib Akhtar
That's the top 10 for test match cricket. That's pathetic in all honesty. Stuart Clark, Flintoff, Hoggard are all OK bowlers, go back about 10 years and they'd be considered nothing special.
Wasim Akram
Waqar Younis
Curtley Ambrose
Courtney Walsh
Allan Donald
are just some of the brilliant bowlers that Waugh played most of his career against. The significant drop in bowlers standards, as well as pitches being very batsman orientated, results in Pontings record looking far better than it is imo.
Put Punter against some good bowling on a fair pitch, and he'd struggle, whereas Waugh would gut it out and come out with a 100.
EDIT: To add more to that... Pollock and Kumble have been around for a number of years, and are both in decline. They were far better bowlers a few years previously. The fact that they still are right up there in the best bowlers lists says a lot. Mcgrath is another, who is definatly not the bowler he used to be, but just won the leading wicket taker award in the wc!