Chelsea seem to be freewheeling towards the Premier League title, they lack competition this year as Man City have never really been with it. It's like some of those titles United won where they didn't have a particularly great year but just got the job done against a middling field.
It's hard to say how good this Chelsea side really are, I think the defence is a bit flaky compared to some past Chelsea teams but the Champions League will give a good test: they do have a chance of winning or at least making the final.
Talking about the standard of competition, Chelsea probably still haven't been given proper recognition for the 2004/05 team when they won the league and had to fend off one of the all time great Arsenal teams.