Both were players of exceptional ability, but neither will be missed in the long term for the simple reason that both retired with careers which were on the wane (although only slightly).
At the end of the day, sides move on. Sure, there will be a short-term loss - the experience both have cannot be replaced at a stroke.
For England, they go into a test series against West Indies with no-one who has scored any quantity of runs in the islands and with doubts over the wicket-keeping position (a reason which may sway the selectors to give Geraint Jones first dig).
For Australia - well, runs in the middle order have never really been in short supply, but Waugh's dynamic captaincy might be missed - although Ricky Ponting looks to be made of the right stuff.
So - short term, Australia - a bit; England - maybe a lot.
Long term - not at all.
Nigel Clough's Black and White Army, beating Forest away with 10 men