I said my feelings on the matter in detail on CricketWeb, I'll try and find it.
A few people were bigging up South Africa for the umpteenth time in the last few years so I had this to say:
SA actually have to start winning series before they get talked up as the number 1 imo. How can you seriously say they are better than everyone else when they failed to win their last series against Australia, India, England and Pakistan. 3 of those series were at home as well. Especially as England thrashed India and Australia the last time they played them. As Howe_Zat said if South Africa had had the year we had people would be all over them. The way you play your cricket shouldn't be a factor in how good you are imo.
As far as I see it all of the top sides have weaknesses. Australia don't have a great batting line up and much of it won't be around much longer. South Africa still don't seem to have a great spinner and always look prone to collapses, their number 6 onwards, is the weakest of the best teams imo. Pakistan really do look a good unit, but much of their new young batsmen are pretty untested in foreign conditions and it would be interesting to see how they cope in South Africa and Australia. England's problems are pretty clear from the Pakistan series, however, the way the bowlers performed makes me believe they have a better bowling line up than SA and Australia.
India are going to go through a developing stage in the next few years imo and won't be challenging the other 4 sides to be the best in the world. Will still be very tough opposition in India though.
As far as I see it all the top 4 sides are very closely matched, however, given the evidence over the last couple of years I reckon England, and Pakistan for that matter, are probably better than Australia and South Africa, no matter what the rankings will say after South Africa's tour of New Zealand. Not quite sure how South Africa have gained so many points considering they have only won 2 series, IIRC, since the beginning of 2009.
Still stand by this. England's attack is a but above the rest and our batsmen have been dominate against pretty much all seam (and most spin) over the last few years.