Well, time for some thought and reflection on the now completed 2nd round. And I have to say that I was right! My cynicism surrounding the first-leg results entirely justified as Chelsea, Liverpool and Rangers were all eliminated from the competition.
Firstly, the defending champions Liverpool. The 1-0 away defeat proved immaterial as they also lost 2-0 at Anfield. 3-0 and the end of their Euro glory.
Rangers had a costly 2-2 draw at Ibrox. They secured a respectable 1-1 draw in Spain but this was not enough to overcome the 2 away goals conceded.
Finally, Chelsea. Though they did well to draw 1-1 at the Nou Camp they needed a second goal to level the tie. 3-2 to Barcelona.
All of which leaves Arsenal. Real Madrid proved they weren't an entirely spent force and gave Arsenal a good game. However, they were able to hold out and secure a 0-0 draw which was enough to see them through to the qtr-finals 1-0 on aggregate.
I must admit, I am pessimistic as to their chances of winning the Champions League. However, should they avoid Barcelona or AC-Milan, I would fancy them to make it through to the semi-finals against any of the other remaining teams.