Fabregas is a hell of a player. I'd go as far as say that he IS Arsenal atm. They're a very strong team with him on the pitch and average EPL side without him.
They are a very tricky opponent now, with Cesc (and Adebayor) back from injury.
Still don't consider them a top 4 team, though. I completely agree with you there. Liverpool instead of Arsenal would have been the real top 4.
Sad how no Italian team comes even close to top 4