England 0.531 (54)
South Africa 0.512 (42)
Pakistan 0.499 (34)
India 0.493 (42)
Sri Lanka 0.481 (22)
New Zealand 0.456 (32)
West Indies 0.370 (42)
South Africa being ranked as high as number 3 and still having a Test Rating 0.512 has been a point of disagreement for many readers about these ratings.
In these ratings, the Oval Test Match has been measured as having been won by England (i. e. England have been awarded the win bonus here). This will be reviewed should the ICC decide to overturn Darrell Hairs ruling with regard to Pakistan's forfeiture.
The Chart above shows the progression of Test ratings from 2003 to 2006. They show South Africa to be in consistent decline. Most of the debate about the position of South Africa in the rankings is due to the fact that "they are not as good as they once were". The progression shows this. However, the actual position of the South African Test team, in comparison to other sides, is still a strong third.
England have jumped to clear second for now. However their real test will come in the Ashes. The Pakistan home series helped England escape from the 2nd placed group also including South Africa and Pakistan (South Africa losing in Sri Lanka helped). However, a strong Ashes series in Australia, will help England establish a clear second position, and also possibly challenge Australia for number 1. In the coming 12 months, India have a great opportunity to make some real gains with series in South Africa and England.