Is the Premier League overrated?

  
     It's been a humbling week for English clubs in the Champions League.
Manchester City suffered a humiliating defeat at home to CSKA Moscow, Liverpool were beaten by Real Madrid, Arsenal threw away a 3-0 lead to draw with Anderlecht and Chelsea were held by Maribor.
After four matchdays, only Chelsea and Arsenal are in their groups' top two, and, overall, English clubs' record in this season's competition is 5-5-6. This less-than-stellar form comes the season after just one club -- Chelsea -- made the last four of the Champions League.
The campaign before that -- 2012-13 -- saw no English clubs reach the semifinals and points to a decline in Europe's premier competition which, Raphael Honigstein suggests, has been going on since the high-water mark of the 2008 final between Manchester United and Chelsea in Moscow.
So, given that, as well as the poor form of this season, is it fair to say the Premier League, while exciting and dramatic and featuring storylines aplenty, is actually somewhat overrated when compared to the other top leagues in Europe?