Andrew Strauss. While loyalty to Michael Vaughan is commendable, the captaincy shouldn't be open-ended any longer. Even if he is fit for the one-day series in Australia, or the World Cup, he should come back into the side as a batsman, and be allowed to make his way back into the team gently.
As for Flintoff - his workload is huge anyway, and he is going to be under immense pressure just to get fit for the Ashes. What happens if the squad is announced, Flintoff goes off to play state cricket in Australia, and suffers a similar fate to that of Vaughan last winter? That would result in Strauss being named England captain just a few weeks before an Ashes series. Madness - the Australian's would love that...England losing their best player, and a "part-time" captain in charge.
Due to the uncertainty over whether Vaughan will ever play cricket again, let alone for England, and whether Flintoff will be fit for the winter, the selectors should opt for some kind of continuity and go with the man currently in charge....and hope he doesn't get injured as well!

If Flintoff gets fit on time for November 23, great - but he goes into the team as player only, under Strauss's leadership.