2004 we went toe to toe in the Euro QFs against Portugal in their backyard. We looked the better team until Owen went off injured. Even then we only lost on pens.To me I'm not so sure, We had this very same conversation (In general) back in the early 2000's when the so called "Golden Generation" were quite young and were told the next tournament they will come good only to fail i think at the QF stages of WC's and Euro's during this period.
The 2006 team in Germany was the one where we thought we had a real chance. The team was full of stars. Rooney's metatarsal overshadowed the build up and he was never really fit. Despite the stars, we never played like a team and the players split into London and NW rivalries. A Ronaldo wink and a red card for Rooney and it's another penalty defeat following a dour game with few chances at either end.
2008. The players had no interest in playing for their country and would regularly pull out of games. Steve MacClaren is tactically inept and we didn't even qualify.
South Africa in 2010 was the last chance for the golden generation. We were really poor in the group stage and then lost to Germany (the game when Lampard "scored" but it was never given (it was 2 ft over the line)). By then the stars were on the wane and were overshadowed by their off field antics and the WAG culture. Capello was pretty clueless and had no idea how to handle the players.
For me the current squad is better despite not having the same number of stars. The balance and the variety of players we have now is far superior. The team in that 2000s was full of individuals but they never really played as a team. Just like Belgium's golden generation now.
Southgate is better than his predecessors. He's built the right culture and his man management is excellent. They play for each other and the strength in depth is unreal.