No doubt about the quality of these teams with Manchester City is surely having edge but after them, I have feeling Bayern Munich and Real Madrid both are having same advantage and as their performance is going we can expect them into last four if we have no clash in early matches for the last and fourth team we will have tough competition between few teams because these all are having same level of quality but still few clubs like Inter Milan and Arsenal are better.
There is no doubt that these three teams are the favorites to enter the semi-finals and beyond. I don't know whether Real Madrid can be as good as before without a strong main striker like Benzema before, but so far they have performed quite consistently and well in the UCL. so they are still worth considering. However, the match will not be easy. because we often come across several surprises that teams that perhaps they didn't think about will actually advance to the semifinals, like last season.