If you disregarded past-service, reputations, and team stability and just picked the 11 players you thought would produce the most wickets and runs for the team in the 1st Test (ie. ignoring the rest of series). For the Aussie team, I'd bring in Jaques, Haddin, and Johnson AND Clark for a team of:
Obviously you'd never select this team, but for the sake of argument.
For England with Trescothick pulled out probably WILL play all the batsmen who have been in recent runs of form, but you'd surely include Monty over Giles. Harmison is a gamble, he looks dodgy, but he may click (and probably needs to if England are to win) and run through the Aussies.