Having already paid lip-service to the innovative field-settings of Nasser Hussain and the way Fleming uses his bowlers, I'll give you a few more examples of why captaincy isn't just winning the toss and deciding the batting order.
Diplomacy, handling players, handling potential flashpoints during the game
1. Before Frank Worrell was appointed to the captaincy of the West Indies, the various factions from the different islands tended to stick together, Trinidadians with their compatriots, Jamaicans with theirs etc. Worrell upon appointment to the captaincy instigated team meetings, overcame inherent racism within and around the side (before him, the West Indies were always captained by white players). It doesn't sound a lot by Ponting's standards, but it instantly transformed the West Indies into a team as opposed to a collection of individuals. He also instructed his players to 'walk', which immediately got the crowd on his team's side.
2. 2nd test against England, Lords, 1963. West Indies 1-0 up in the series, England fighting back. Final over of the game, 2 balls to go, England require 6 to win, the last pair Gubby Allen and Colin Cowdrey at the wicket (Cowdrey with a broken arm). As Wes Hall's about to start his run-up, Worrell comes over to him and has a chat with the bowler. All he's actually saying to Wes is "don't bowl any no-balls, we are one up in the series". Allen manages to keep out the last two balls but cannot score, thus ensuring the draw. West Indies eventually win the series 3-1.
Handling players
3. Mike Brearley was thought by many to be the finest captain of the last 50 years. He attributes his success to one thing only - getting the best out of Ian Botham.His technique was simple - he put his arm around his shoulder and told him how great he was, and how the Australians were terrified of him.
Doing what the other captain least expects
4. Old Trafford, 1997. There has been overnight rain, the pitch is really green and looks as though it's going to seam a lot. It's also quite soft. The obvious thing to do is field, yet Mark Taylor chose to bat. It's a real struggle at first, everyone thinks Taylor's gone mad. The aussies eventually make 235 with Steve Waugh playing (IMO) his greatest-ever innings. It's decisive - on the second day, Warne exploits the bowlers' footmarks (remember I said it was soft?) and England are skittled for 160 or so. The Aussies make the most of the best of the wicket (day 3, morning of day 4), bat the game out of sight. Then England are bowled out again by lunch on day 5 - job done. The way the wicket dried, if he had chosen to bowl, the outcome might have been different.
Applying pressure
5. Take any of the recent three tests between the West Indies and England - and just look at the way that Vaughan applied pressure to the new batsmen. The almost uncanny parallels between the first three tests were down to one thing and one thing only - knowing when to apply pressure.
Making the most of your weapons
6. Just ask Brian Lara whether he likes facing Darren Gough. A few years ago, almost every time Lara came out to bat, Hussain would immediately bring Gough back into the attack, no matter what the state of play. He got him out in the series five times for single figures.