Since 1999/00, and I won't include the tours of Zimbabwe and Bangladesh, not that I don't consider them to be worthy of Test status, but really nobody could expect much out of them anyway. Also it is Tests only.
I always considered the West Indies team that toured in 00/01 to be a shocking team, now before Liam Camps jumps in, I'm not saying that the all players were bad, but their performances as a team left a lot to be desired. Courtney Walsh was on his last legs as a bowler, and they were just so comprehensively, admittely that Australian team was one of the best ever. Not much can be said of the team that toured in the 05/06 season either.
But the Pakistan team in their most recent Test series against Australia is almost ready to take the cake, that was a pretty weak, spineless effort, and whatever match performance payments they might be on, they would of been overpaid. They have a Test standard bowling attack (Asif, Aamer, Gul, Kaneria, and Sami can be good, depending which Sami turns up which is not often), some decent batters, a great young prospect (Umer Akmal), but they just could not do the basics right (from fielding to running between the wickets), and not playing as a team either, team unity, what is that? They were outplayed in Melbourne and Hobart and by rights should of won in Sydney, but they managed to snatch defeat from the jaws of victory.
Of course a certain Ashes Tour in 06/07 by a certain team in the Northern Hemisphere wasn't particulary good either. Hey Harmison, landing the ball on the pitch helps.