I have always said the 2012 team could compete with the Dream Team IF they had a healthy Howard and a healthy Wade. But they don't, so this debate isn't really one.
However, the problem with having the debate right now is we already know where the Dream Teamers rank in a historical context. Aside from Kobe, we don't for any of the 2012ers.
For instance, Kevin Love is 23 and just finished a season where he averaged 26 points, 13 rebounds, and shot 37% from 3 (on 5 attempts per game). Those numbers are right there with what Malone and Barkley were putting up at similar stages in their careers. That doesn't mean Love will be as good as them (although it's a possibility), but we just have no idea.
Same goes for Kevin Durant and LeBron James - we know they're terrific players. We don't know if that means top 20 all time, or top 5. Either is a possibility, but there's so much that needs to happen that we're years away from having this debate. One thing I do know for certain, though: Chris Paul would make it over Stockton. He's the most complete, pure point guard since Isiah, and has a chance to finish as one of the 3-5 best ever.
All that said, why are we still debating this? If 2012 had Howard it'd be one thing, but Chandler would get absolutely dominated by the Dream Team's big men. The matchup problems inside would be a far bigger advantage than the 2012 team's speed on the perimeter. I say '92 wins a 7-game series 4-1 (I'm being generous there, too).