If Arsenal are our biggest hopes we have problems. They are for me too....I dunno, lacking in a couple of players perhaps. they're good, but they won't get anywhere near the Champions League. We aren't the team we were, agreed. But I'd still place us above Arsenal in terms of being able to win this competition, we should now go on to get out of this group we're in. I doubt we'll win it because there are better teams there. You say Chelsea can't get that lucky this time...well they weren't meant to get that lucky last time. They have good quality but agree on the general point that they won't win it, or shouldn't. Man City are still learning at this level, they could still get out of this group but to do that now they have to win 3 of the next 4 games, including winning in Dortmund. I reckon anyway.
I'd place Barca and Real Madrid as about joint favourites. Real should win that group, Barca will easily win theirs. As for who else would be favourites.....I really don't know, it's quite open this year.