"I like Alastair Cook and Paul Collingwood adds steel to the middle order and I've been amazed at how Ryan Sidebottom has improved and re-defined himself," he added.
The England and Australia line-ups for the first Test at Cardiff next year will look radically different to those that featured in England's triumph in 2005 and Australia's 18 months later.
Australia on the other hand have waved goodbye to Justin Langer, Adam Gilchrist, Shane Warne and Glenn McGrath.
Waugh said: "It's been a smooth transition for Australia. The players have had a lot of experience at county level so they are not intimidated by moving up to the next level."
It is more than four years since record-breaking captain Waugh played in his 168th and last Test.
He played in four Lord's Tests for Australia, making 152 not out in his first appearance in 1989, the year Australia won the first of eight back-to-back Ashes series.
The 42-year-old has been in London at a meeting of the MCC's world cricket committee, a role which he takes very seriously.
Waugh will also catch the first Test between England and New Zealand.
He said: "There's definitely something about Lord's. It's a special place which has the X-factor.
"I have good and bad memories of my performances here but it certainly is a unique place."
Waugh has brought his family over and his eight-year-old son Austin will get his first taste of cricket at Lord's.
But Austin has his eye on a bigger sporting occasion - Saturday's FA Cup final between Portsmouth and Cardiff City.
"He's mad on soccer," sighed Waugh. "So I'm desperately trying to get tickets for the final so he can watch a live match."
