Take Lee out of Australia's bowling, and it's not that great. NZ was able to haul in some big totals partly because Australia's bowling in the Chappell-Hadlee wasn't good enough for international OD games. McGrath has bowled reasonably but without taking wickets and you now need to question whether he is motivated to go to the West Indies given the situation with his wife (Ashes, I'm sure is a different matter).
Brett Dorey has been given a good chance in the VB Series but I doubt whether he is of international quality at this stage in his career. Stuart Clark looks like a useful player. Andy Symonds' versatility, bowling mediums and off-spinners, plus his all-round talent will see him picked. Brad Hogg offers a different option for Ponting. Bracken has come on quite well and seems to bowl fairly tightly in most games but without really getting amongst the wickets. Mitchell Johnson, Mick Lewis and Cameron White have all disappeared back to domestic cricket and don't seem to be in the selectors' thoughts presently. Shaun Tait is recovering from his injury. Gillespie and Kaspa have been discarded.
For instance, on Sunday night, South Africa made 6/287 from 50 overs, chasing 344. South Africa's score, batting second under lights, is still a respectable total and would have given Australia the frights if Australia had made around 300 or even less.
Batting-wise, I think Australia is probably the most balanced side going around, although you can question whether Katich should keep his spot ahead of Jaques. If Gilchrist replicates his latter form in the World Cup, Australia could be 100/0 from 10-12 overs and that puts the opponent under pressure. But if opponents can target the weakness in Australia's bowling attack, I think it will be a lot tighter than some think.