I can totally see what your saying with regards to the standards of EPL teams in Europe. But having said that I would still go on record to say the EPL is the most exciting league in the world. Yeah fair enough it is a rarity now for an EPL team to make the Semi-Finals/Final apart from Chelsea over the last few years. I would say that in regards to the top top ( Harry Redknapp) teams in Europe the EPL doesn't have much of a say right now. That would probably go Real/Bayern/Barca then Juve/Atletico/Chelsea/Psg. That's just my opinion chances are I have forgot someone.
The reason I would say the EPL is the most exciting is because of the sheer unpredictability. Year on year we don't know who is going to finish in the top 4 these days let alone who's going to win the title. Compare this to the La Liga you can pretty much guarantee the 2 Madrids then Barca with a mix of either Sevilla or Valencia. In Germany its always Bayern dominating and over in Serie A we have Juve and Roma. Now if you compare this to the Epl at the start of a season you have 4 or 5 names in the hat who could win the league and up to 7 or 8 teams who can qualify for the Champions League.
Now granted it hasn't always been this competitive in the Epl it has only begun over the last 4 or 5 years. I think the decline of English teams in Europe has some correlation with how much more competitive the Epl has become recently.
So yeah whilst English clubs don't dominate Europe as much I think and argument can be made for the Epl still been the best league down to competition.
WACCOE/MOT/WAFLL
But, in the EPL, isn't it always Chelsea, Arsenal, ManCity as constants, with Liverpool and post-Fergie ManU fighting also. Ye, you might get your Spurs and this year, Southampton/Newcastle types but there are such clubs in other leagues as well... for instance, Athletic Bilbao were in the UCL this year and neither Sevilla(who won last year's Europa) nor Valencia made it. Villareal is also going to be back in the mix again as well....
Not much difference in either league when you look at it, other than the fact that following the EPL's teams are much easier in this part of the world due to its marketing.