I will make the point of differentiation/split in the year 2005. So lets see what I have got.
2000-2004
Virender Sehwag
Matthew Hayden
Rahul Dravid
Ricky Ponting (Ponting at 4 because he play briskly if needed unlike Dravid)
Sachin Tendulkar
Brain Lara
Adam Gilchrist

Wasim Akram (ODIs)/Walsh/Ambrose
Waqar Younis
Allan Donald
Muralitharan
12th man: /Jacques Kallis
Unlucky Chaps: Sanath Jayasuriya, Shoaib Akhtar, Inzamam ul Haq, Andy Flower, Steve Waugh.
From Jan 1, 2005
Alastair Cook/Hashim Amla (to open in ODIs)
Graeme Smith

Hashim Amla (he can open the innings)/Sachin Tendulkar (ODIs)
Kumar Sangakkara
Kevin Pietersen/Jacques Kallis
Shivnarine Chanderpaul
Matthew Prior

Dale Steyn
Shane Bond
Glenn McGrath
Saeed Ajmal
Andrew Flintoff (12th man)
Unlucky chaps: Mohammad Yousuf, Younis Khan, Graeme Swann
I have dig a whole lot of stats to draft these teams but one thing is certain, that there were too many great figures in pre-2005 era. Even those who missed out to make it into that team like the likes of Saqlain Mushtaq, Jayasuriya or Andy Flower were absolutely brilliant and in some cases better than those made it in the post 2004 team.