I still think we have a decent chance of winning this, provided we negotiate Porto first. In spite of our meh midfield, there aren't really any teams that stand out. City have a bunch of problems, and will probably be eliminated by Monaco. Dortmund are always suspect defensively, and Sevilla look dangerous, but we can handle them. Of all the big guns, I think Bayern are the best equipped, as they have the best coach and strength in depth. Barca's midfield, and their performances, have been unconvincing, and Real aren't likely to win it back to back (history suggests so), especially since Zidane isn't really a great coach, and they do have some issues to contend with/consider. ATM could be a sleeper, but I think they have been rather inconsistent this season.
If we manage to negotiate Porto, and then get a Sevilla/Dortmund/Monaco in the Quarters, thus avoiding the big guns, we should make it to the final four. Once we are there, anything is possible, and a shot at the CL Crown in Cardiff isn't beyond us.