Australia didn't need an all-rounder, as the bowlers they had were the best in the world. McGrath, Warne, Kasprowicz and Gillespie was a good enough attack on it's own. India's 3rd seamer is not good enough, and they won't get away with playing 2 spinners and 2 fast bowlers outside the subcontinent. Zaheer and Ishant are quality bowlers, but they're not going to skittle out attacks on their own, and I don't think a Munaf Patel, or a Praveen Kumar, or any of the other medium pacers India have lined up are good enough to consistently take 20 wickets outside the subcontinent.
I don't believe Harbhajan Singh is good enough outside the Subcontinent to lead the spin attack either. He averages 39 away from home in Test cricket, and without having 3 world class seamers India could struggle. It's no co-incidence that this recent spell of dominating form from India has seen most of their wins occur in India or the sub-continent. That's what makes South Africa a better side, they've been successful all around the world, and not just relied on beating people at home. The only side India have managed to beat in a series outside the subcontinent has been England in recent times, and we're crap.
I just don't think India have the bowling attack to truely dominate outside the subcontinent. Zaheer Khan may be bowling well but he's very much a Flintoff-esque bowler. Bowls fantastically economic spells, leads the attack, but his wickets take a long time to come. A Test bowling average of 34, and an away average of 32 is good, but it's not truely world class. Sharma's record outside India is also far from impressive, with not much in terms of wickets in Australia, Bangladesh or Sri Lanka. So India, for my money still have alot to prove. They're not yet anywhere near as good as South Africa as they're yet to really triumph outside the subcontinent.