My view on the matter is that since AUS failed to defend their world cup in 2011, India simply played the best tournament football in the WC 2011 & 2013 C Trophy - but their form in bilateral tournaments clearly show they are not the best ODI team in the world.
In fact unlike test cricket where S Africa are the clear # 1, i think no ODI team since 2011 have being consistent enough to be # 1. S Africa have the best ODI team/squad on paper still IMO & its surprising that they have translated their test dominance into the ODI format as yet.
I guess my point was more than they were clear favourites with the bookies etc, (yes hindsight is great) but if you actually look at the teams properly now it's not completely surprising why we've been so dominant. I hadn't seen much of some of the Indian players before this series but a lot of them were getting talked up, and now without much doubt only 2 - 4 of their players would make our team! Yes they're probably much better players than they've shown so far, but if you look at their records other than Kohli and Dhoni they're all pretty much just trying to make their way in international cricket.
Obviously the Test matches will be the proper test of both teams, so I won't say anymore until then.