Well, you have to keep in mind that the participants have included teams like Zimbabwe, and England at their listless peaks.
Yup .. but england has always been listless at different points in time .. still competitive against most teams in most series .. for instance against India, other than that drubbing in India when RD was captain, India has rarely dominated any series against them home or away.
Zim, I agree, was always a weak team .. so, it would be Australia winning everythng and the second team winning everything against Zim and then Aussies whipping them in the finals ... the entire essence of a tri-series, with no one knowing which two teams could make it to the finals, was largely missing
I think unless we get teams such as bangladesh or zim playing now, here on, the tussle for the final spots will be a lot more competitive