Eh, you've still got a player who isn't good enough at RW in that team, and a CM partnering Xhaka who is either not nearly good enough (read: isn't even a centre midfielder, Ramsey), or who isn't that good (Coq/ElNeny: though if it weren't the case that Ramsey would play over Coquelin or ElNeny this wouldn't be as big of a deal, as those two partnered with Xhaka are not that much more inferior to some of the options that City, Chelsea, United will trot out regularly in CM) when/if Cazorla isn't fit.
And, most importantly, you've got a manager who is not as good as his competition.
Given that, objectively, we're still pretty far away. A good level CB and a ST and we'd still need loads to go right for us to even compete for the title, IMO. One of those things would need to be Wilshere staying fit and taking the RW position, and the other thing would need to be Santi staying fit and Ramsey miraculously not getting that many games in CM.