England have been drawn in the Group of Death, Pool A, along with Australia and Wales, with only two going through to the quarter-finals, and two more as yet unnamed teams will join them, with Fiji likely to be one.
"It's a tough pool," Lancaster said. "I guess it is fate that Wales and England would be put together.
"To get through the pool, you will need to be consistent. Wales, I've got a huge amount of respect for what they've done recently.
"To win the Rugby World Cup you have to win big games. We will look forward to it, it is unbelievably exciting.
"Australia have just beaten us and are an incredibly competitive nation."
Skipper Chris Robshaw added: "It's going to be tough isn't it? But all the pools are. A lot of people have had been saying England and Wales have never been in the same pool together at a World Cup so you start to think 'here it comes'."
"We'll cross paths with Australia next autumn and we've got a couple of Six
Nations (tournaments) with Wales."
On the possibility of Fiji taking the Oceania spot in the group, he added:
"They always raise their game for the World Cup, they've taken down a couple of big names.
"Obviously we can't confirm that until we know but we won't take whoever that
Wales coach Warren Gatland says the team who do qualify from Pool A will be well set to go all the way: "Our experience of 2011 is that if you come out of a tough group, it sets you up for the quarter-finals and semi-finals. The tougher the group, the better."
Wales captain Sam Warburton told Sky Sports News: "We had a group of death in the last World Cup so we are used to the situation.
"It's a fascinating pool. Wales against Australia has always been a good game.
"As for England v Wales, there is enough rivalry there without it being the World Cup.
"From a players' point of view we are guaranteed to play in front of a packed house against England which is really exciting."
Gilbert has released a new line of rugby cleats. The Gilbert Virtuo 8S is part of the exciting new product. Check it out.
The entire All Blacks apparel line has been updated for 2013/14. Check out the New Zealand All Blacks polo.
The Nike Tiempo is a solid rugby cleat and one of few styles still made from full-grain natural leather.
The Gilbert Blitz 8S rugby cleat is a great cleat at a great price of $69.99. Get a new pair of cleats today.
A cool looking all black rugby cleat with the high performance adidas is known for. Get in the Gear!
Wear the crest of the British and Irish Lions on your t-shirt. A great look for the summer.
The All Blacks Performance t-shirt is black with hints of blue from the training jersey. Very Cool.
The New Zealand All Blacks training jersey for 2013/14. Get in the Gear!
The USA Rugby Pro Alternate rugby jersey is perfect for any fan of the Eagles. Get yours to wear during the summer Test matches.
The NEW All Blacks 2013/14 jersey has arrived at World Rugby Shop. Dare to wear the colors of the All Blacks.