While I am not an "everything was better in the past" sort of person, I do think cricket standards today are much lower than in the 90s or 80s. For example, the SA of the mid-late 90s, with Pollock, Donald, Kallis, Kirsten, etc, would IMO be the number 1 side today, yet were a distant number 2 of their time. Pakistan and West Indies in the 90s were inconsistent and shambles respectively, but looking at the players they had you would think they would be serious contenders today.
To be considered a great side, you dont need to be unbeatable, but able to win in different conditions outside of home. By that count, India under Dhoni are not a great side, as they haven't won a major series outside of home in SA, Sri Lanka, England, Australia. England can potentially be, we need to see how they perform in the subcontinent. Remember that Vaughn's side was beaten comprehensively in Pakistan following their Ashes triumph.