I think we can definitely say that the English won the first innings, but the Australian top order has hit back. They need to go on as they have started, since the most dangerous option on the bowling attack available to Ponting at the moment would appear to be runs on the board.
This is the fourth Test in a row where the Australian attack hasn't featured any of the NSW first-pick bowlers, unless you count the man who turned the usual saying on it's head, by getting his Blues call-up immediately following his recall to the Baggy Greens. He is, however on of three Tasmanian-born members of the team - I can't image that has happened before!
This blog's policy on the state allegiances of Hauritz (and Krejza), is to use either their place of birth and childhood or current affiliation, depending on their recent performance. So, it was a Tasmanian who leaked runs, along with the pace bowlers, for most of the morning. But then, once a fair bit of damage had been done, the bowling tightened, at least enough to trouble tailenders, and it was a player from my local club who took the tenth wicket four times in the last over.
Now, a lot rests on the current partnership, led by the other Sydney-dwelling Tasmanian. 700 would be a good target. Otherwise, the batsmen might need to do it again just to save the match.