In tests ...
As of now, Cook is the only opener who deserves to be in a team of the year. Sehwag is an option, but there are others who aren't specialist openers but would likely fare better than he did. Either Dravid or Sangakarra should open with Cook - I would opt for Dravid to provide the left-right combination at the top. Pietersen should be in the side as well ahead of Younis Khan, who has made some runs in those dreadful first two tests versus India. The bowling attack looks good and it's disappointing that there aren't too many good options after these four - even Taylor and Sreesanth aren't too far off.
Cook, Dravid, Ponting*, Yousuf, Pietersen, Hussey, Sangakarra+, Clark, Ntini, Muralitharan, Asif
In ODIs ...
Close call there between Gayle, Tendulkar and Jayasuriya. Sangakarra, Dhoni and Gilchrist have all been good, but I'll shock everyone and opt for Dhoni. Pietersen is quite unlucky to miss out, but he's just behind Mahela for me as he hasn't made a single ton this year. Murali hasn't been anything special and a four-man pace attack is alright considering we have Gayle, Jayasuriya and Symonds as very capable part-timers. Perhaps we should have a spinner actually.
Gayle, Jayasuriya, Jayawardene*, Yuvraj, Symonds, Hussey, Dhoni+, Pollock, Lee, Bracken, Ntini