West Indies fast-bowling great Holding has twice backed Ponting's idea in columns penned for Wisden India.
Holding believes eliminating the toss will force home sides to prepare competitive surfaces.
Waugh said Australia's failure to adapt to English conditions had cost them the Ashes.
"They played poorly. Their batting technique was astray from players of that calibre," Waugh said.
He said modern cricketers should be able to perform in any conditions.
"There may have been a couple of selections that didn't go their way, but I was there at the Lord's Test and they played exceptionally well," Waugh said.
"It looked like they were going to win the last couple of Tests.
"I'm not sure where the wheels came off."
-AAP