Generally I think the league's overall strength is second to none right now. Everybody can beat everybody and, unlike in Germany and Spain, weaker teams go in flying vs the top teams and never roll over and die.
But it's true, the strength at the top is not very high at the moment and there's no team that could compete with the best teams in Europe right now. I think it's just a phase though, those things always fluctuate. Not long ago, England terrorised European football with having 3 semifinalists every year while Bayern was in no-mans land and Real couldn't get out of the last 16. I'm sure it'll turn around for England soon, also thanks to the financial muscle.
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