If both the group favourites go through to the Super Eights, the points gained in Friday's match will be carried over.
"It is going to be huge for us in the context of the World Cup," the all-rounder told reporters.
"The two sides are pretty similar in the makeup of the teams. I think it could be a great and intriguing contest. There are probably six or seven teams that on any given day can beat each other."
England were disappointing in the last two tournaments but Flintoff said the mood among the squad was a lot brighter having recently won a tri-series in Australia also involving New Zealand.
"I've played in two World Cups already and the first two were both pretty much non-starters to be honest," he said.
"I'm keen to perform in this one. We are excited about playing in a World Cup and we are feeling pretty well-equipped. We've got a nice feeling in the camp."
