You are actually right because Manchester City last season and now are actually not the same because last season to an extend we were thinking that Arsenal will win the league but do to how consistent Manchester City is they were able to win there way to the first position and at the end wining the trophy. So actually the kind of favour that followed them last season is not longer with them on this season because for now Liverpool and Arsenal are the most favoured because unlike there last season when Arsenal was there only competitor but this season not only Arsenal but also Liverpool, although there chances are not yet over because they still have the chance to compete with Liverpool only if they can win Arsenal on there meeting and if they draw it will still affect them because Arsenal and Liverpool will still be ahead of them.
Every team usually have their peak season and this season is definitely not the one for Manchester City. Even if they eventually win the premiership title this season, there is no basis for comparing the Manchester City of last season to the one we have now. By this time last year, it was pretty obvious how the season will end. But this season, there is no one that can bet who will win the league. I know some betting companies, if not all of them, have odds for the teams regarding who will win the title. The odds for the team at the top is usually high but this year there is a major confusion because three teams are competing tightly and there is no clear direction as at now. The next few matches will somehow give us the direction the league will go.
You are correct, the Manchester City of last season is a bit different from the City team we are seeing this season despite the fact that they are manage to be among the English Premier League and Champions League contenders but their form this season cannot be compared to that of last season because watching them last season you are restless assured that they are beating any team they come across because everyone was in good form in the team and it helped them to win the league and champions league too.
Looking at the current position of City I think they are a team that has so much confidence in themselves and having had good experiences in the league I think their coach will utilize any given opportunity to win the champions league as they are one of the favorite to win the champions league if they managed to win Real Madrid whom they defeated last season in the finals in the quarter finals. And as for the EPL, they have the opportunity to be on top of the league if they are able to beat Arsenal in their next game and hope that Manchester United stops Liverpool in the own game with that they will have an advantage to be ahead of the rival clubs.