I'm afraid this could be the year Arsenal do well in Europe, and may even go all the way. Good outsides bets are Barcelona and AC Milan, not among the favourites with the bookies.
I think Barca could be an outside bet, they finished last season superbly and have strengthed with Eto'o, Deco, Giuly, Larsson in attack, although they've lost Davids.
Real look like being only a defensive midfielder away from being invincible, mind.