Bottom line: I think this year it could be very interesting.
There have been some positive signs for Australia - Hussey scoring runs (he's lucky to be in the squad, his form has been awful for nearly a year), and Lee taking 5 wickets overnight, and apparently moving it around in the air, which is something nobody in our attack could manage to do last time.
I'm sure this will now mean Lee will play and open the bowling with Johnson. The media sure is cheerleading for him. Siddle is a certainty for first change and it's a toss up between S.Clark and Hauritz for the final bowling spot (Clark would be my preference).
A lot depends on Lee IMO. He's never performed before in England, but we desperately need him to take new ball wickets. Dozens of no-balls and leaking 6 runs an over can't be sustained these days in the Aussie attack.
Australia have two major concerns - a suspect middle order (Clarke, Hussey, North and Haddin all need runs) and no attacking spinner. Hauritz is much improved, but at the end of the day is just a dart thrower, and won't trouble the England top order.
It's an unbelievable scenario, but England might be able to use its better spin arsenal to trouble Australia - things sure have changed in that area over the past four years!
England fans may not be too familiar with Mitchell Johnson - he is a tall left armer who can swing it both ways on his day. He's carried the Aussie attack for 12 months and nearly been bowled into the ground by Ponting, but he is a huge talent. His batting is quite amazing too - he's the most likely allrounder Australia has produced since Gilchrist, and the great Gilly would be proud of his hitting - if he gets onto one, they go out of the park.
Another newcomer is Phil Hughes who plundered the South African attack on his first tour and led the way to an unlikely series win over there. It's great to watch Hughes bat - his technique makes him look like a park cricketer, but he is fearless and really takes the bowlers on. The South Africans were frustrated to the point of madness by him and for a 20 year old he didn't flinch in the face of some of the most ferocious slegding I've ever seen
England will be tough for Australia to bowl out twice, but there's some hope for Australia, particularly if one/both of Pietersen and Flintoff has a quiet series with the bat.