The murky waters of the "supersuit" era have cleared and Australia is about to find out exactly where it sits in swimming's new world order.

This month's world championships in Shanghai represents the biggest international meet since polyurethane suits were outlawed following 2009's farcical titles in Rome, where a staggering 43 world records were plundered.

And it is set to provide Australian head coach Leigh Nugent with the biggest gauge yet of how his Dolphins squad is placed a year out from the London Olympics.

As all of the world's best swimmers prepare to descend on the Shanghai Oriental Sports Centre at the same time, Australia appear well placed to improve on their disappointing showing of only three gold medals in Rome.

But Nugent admits there remains an air of uncertainty amid an ongoing "repositioning" of swimming's power rankings since the return to textile suits.

"This is a very important meet for us," Nugent said.

"Particularly with what went on in 2009, and the period leading into that and then in 2010, because we we didn't really compete together at one point in the world.

"You feel a bit unsure about where you are, you can only just go on times that have been posted."

While Australia went into the Rome championships and last year's Commonwealth Games without a single athlete ranked No.1 in their event, things look a little brighter this time.

Three Australian women hold the quickest time in their events this year - Alicia Coutts (100m butterfly), Kylie Palmer (200m freestyle) and Belinda Hocking (200m backstroke) - with a handful, including Bronte Barratt and Meagen Nay, also holding second spots.

But of most encouragement to Nugent is the fact Australia has 20 top-five rankings, something he believes shows plenty of promise a year out from London.

"We'd like to get a lot of swimmers in the top five, particularly the top eight," Nugent said.

"We know from historical records that to be in the top five one year out, they're extremely likely to win medals or be in the finals at the Olympics."

While Australia's squad packs experience and star power in the form of Stephanie Rice, Leisel Jones and Brenton Rickard, it is the emergence of a host of new faces in the past year that has created most excitement.

Late bloomer Coutts continues to improve on the times set in her five gold medal-showing in Delhi, giving every indication she can transform her success to the world stage.

Palmer, Hocking and Barratt look capable of further improvement while the the men's sprint stocks appear to have genuine depth with James Magnussen, James Roberts, Matt Abood and Matt Target keeping one-time sprint king Eamon Sullivan out of an individual swim.

Nugent is excited to see how his youngsters handle the occasion, particularly the promising Magnussen, whose time in winning the 100m freestyle at the national trials in April remains the third fastest in the world in 2011.

"The world champs is something else but he (Magnussen) is a pretty cool customer and I expect he'll be able to cope pretty well in that environment," Nugent said.

With the returning Ian Thorpe and Libby Trickett potentially adding further strength to the team for London, Nugent remains realistic about Australia's chance of re-claiming its place in world swimming's top two nations in China.

The powerful US team led by Michael Phelps is again expected to dominate while Nugent believes the host nation could confirm their status as "the rising power in swimming."

"I'd like us to be number one but I don't think that's a possibility at this meet," Nugent said.

"To finish in the top four nations would be a reasonable result."

While world records were falling for fun in Rome, not one has been set over long course since.

And the feeling among swimmers and coaches is that few, if any will fall in Shanghai.

Among those touted as possible record setters include American Rebecca Soni in the 200m breaststroke or Swedish veteran Therese Alshammar in the 50m butterfly.

France's Camille Lacourt came within 0.03 of a world record in the 50m back at last year's European Championships while Chinese star Sun Yang cold finally bring down Grant Hackett's long-standing 1500m freestyle benchmark.

Phelps is another candidate and while some are calling for FINA to relax the new rules on suits, particularly to allow men's suits to cover the chest like female suits, the US star is relishing the fact this year's title will be contested on a level playing field.

"It wasn't really swimming (before)," said Phelps, who holds the most world records with seven.

"You could put that suit on an out-of-shape swimmer and still be really fast.

"So I think that's something good that we have back now. ... If you don't work hard, you're clearly not going to do anything."

Australia will send 47 swimmers to Shanghai, after reigning world 50m butterfly champion Marieke Guehrer and Kyle Richardson earned relay spots at a one-off time trial in Adelaide.

Liam FitzGibbon
AAP