I don't buy the EL difficulty hype. We are better than every team left in the EL apart from United (arguable but I'd say we were better) so there's no reason to think if we were in it that we wouldn't have a realistic shot at winning it even with Wenger. He's won 2 FA cups and this is just another knockout tournament.
There is no Bayern Munich and no Barcelona in the EL. We won't be 5-1 down from the first leg and then game-over for the second leg. We're not going to have 29% possession against any EL team. Two legged ties give you the chance for redemption and we came close at times with Bayern, Milan, Monaco and we'd build some momentum with Rostov and St Etienne.
Even if we faced some of the "bigger" teams like Villareal we'd have to be really down in the dumps to not fancy a win over two legs.
As a neutral I love to watch some EL knockouts as it's a competitive tournament with some good football but at the end of the day it's a competition for 5th/6th placed clubs and CL dropouts. As an Arsenal man I've looked down on it because we're neither of those things but now we're going to deservedly be a 5th/6th (right now it feels like 6th) team then this will be our level and in that case I'm all for it.