Australia drew with Holland in a pre-World Cup friendly. They have a few quality players in their side. They also have a far easier group than the USA.
Past World Cup form is only partly relevant because their qualification route is as tough as the USAs is easy.
They wont win the World Cup but then neither will the USA so I dont think equal odds are so crazy.
But Australia has many world class players in their first string teams - more people in their First XI play for top European clubs like Liverpool, Middlesbrough, Parma, Newcastle than their American counterparts. This probably makes the British batters estimate Australia is at similar levels as the US.
I remember 4 years ago when the US, South Korean, and Senegal teams reached the quarter-finals that the then Australian Socceroos coach Frank Farina claimed that had Australia qualified for the 2002 cup, it would be as equally likely to get to that stage as these teams.