I'll start by answering this
oh and btw, no one has answered my question yet:
I know Ricky Ponting and Shane Warne are on the short list but in all seriousness, who is the best Australian captain playing today?
The question has only one answer, Steve Waugh, because the question asks who is the best aussie captain playing today, and technically Steve Waugh is the only aussie test captain still playing the game today. So i'll take it you mean who should be aussie captain, and I would have to say on test form over the last few years, leadership ect Ponting should be captain right now.
Now to the rest of your statement.
Being captain should not mean automatic test selection. You should still have to perform to an acceptable standard in all your other duties. Now if Steve Waugh was doing this, what do you think the chances of him bowling in this test would have been? No chance in hell of it happening. People are calling for Hassain to be dropped from the English team, yet the only difference between him and Steve Waugh is, Steve is lucky enough to have the players I have mentioned before winning all the games and doing all the work. If Australia was losing then Waugh would be gone by now,or you'd be calling for his blood. Simple fact is Australia is winning so the public is happy to keep the relic in the side for services recieved in the past.
Steve Waugh in his day is easily one of the greatest batters to play the game, thing is, it's no longer his day.