If you look at Arsenal's performance in the last few games in the Champions League, and especially against FC Porto, they were a bit shaky, I believe, because of lack of experience, when in a big tournament like the UEFA Champions League. So I believe their lack of experience will cost them in this game against Bayern Munich, and Bayern Munich are not a team to be underestimated regardless of their recent performances.
Bayern Munich vs Arsenal will be a tough match when they play in the Uefa Champions League quarterfinal. For me, Arsenal and Bayern Munich's strengths are the same, and they have the same pattern of play, but I think Arsenal is the favorite to win against Bayern Munich in the UEFA Champions League quarter-finals.
I think Bayern is still slightly favorites against Arsenal, Bayern has never failed to advance to the next round when they met Arsenal in the Champions League (4 times).
Arsenal might get 3 points in the 1st leg but most likely they will be eliminated because of the aggregate goals at Bayern home in the 2nd leg later.