@Arunava: Finally some Saffer responds! I just saw this tread and it seemed extremely one-sided, no South Africans to comment.
I do feel that its a very close call between the two sides and concur that player v player comparisons mean nothing. Cricket isnt a game of indivicuals its a game of partnerships and mental strength.
At the moment I think SA have the edge over India, simply because unlike Australia, South Africa never had any mental issues to counter when playing India. Especially after the win against the Aussies, South Africa are really going to dominate...we've gone unbeaten for the last 11 tests beating England in England for the first time, drawing with India in India and now delivering what is possibly the best 4th innings batting display of all time and that IN Australia. No matter how much the Australians declined, it is always a huge challenge for any side to win there.
I do think that the player v player comparisons are a bit superficial to some extent - 4 of SA's top 6 are ranked in the highest scorers for 2008, India are playing well against England but they're playing at home so it's safe to say England probably cant be as focussed as they would often be. Playing in India is one thing, but playing in such hostile, dangerous environments makes it even worse.
Player-wise Gambhir is looking very good. He scored big 100's against Australia and another 179 against England, yet Neil McKenzie averaged 85 this years against the Indians in India.
So comparing these players are a bit daft...teamwise and for future prospects Id go for SA. As someone said earlier, India have big shoes to fill when players like Dravid, Laxman and Tendulkar call it quits. And when they do Im pretty sure it will all happen in quick succession. Suddenly their top order looks much less settled.
Whereas South Africa has young guys like Amla (25) and De Villiers (24) who are already settled in their roles and form part of an organised and well-oiled side. When the time comes for the 3 Indians to call it quits, it will cause a lot of disruption in their side. Players like Tendulkar is irreplaceable and sooner rather than later India will find out the hard way.