Chelsea will repeat this season. I don't think Arsenal has the quality or depth to keep up, and Man United has the weakest squad they've ever had in a long time. Man City are still pretenders to me, and simply punch above their weight from to time.
As for the Champions League, it's always so hard to call. I don't think anyone thought Bayern would go as far as they did last season. Chelsea and them are the only teams with maximum points this year, and a final between them would be great in my opinion.
In other news.. holy crap Gareth Bale is turning into a beast..