In reality the truth, as usual, probably lies somewhere between the opinions of Ashford Lad and Kentonio.
To disregard Arsenal would be based on bias. They showed last season that they are a threat and signing Cech is a massive boost. If they improve their midfield/attack then they must surely be in the mix come the end of the season. If Chelsea are favourites because they have a stable side and are just adding quality (and of course the transfer season isn't done - does anyone seriously believe that Chelsea / Arsenal will spend under 20m this window ?) then Arsenal are in that same boat.
City's ageing side may be an issue over the course of a full English season with CL ambitions, Sterling is better than Navas and strengthens their attack but he is far from consistent or a match-winner, their midfield needs urgent attention as does their defence, if they get Pogba/Vidal and a strong CB/LB then they could remain relevant as far as the PL title goes, however even though the have the money I'm not sure the players they need are available this Summer. There seems to be a lack of depth in the availability of top quality players, which also affects finding a suitable striker, Aguero and Bony is far from enough (with Jovetic and Dzeko likely on their way) for a full season in the PL/CL.
Some of the United fans here who believe they are soon to become favourites are smoking some heavy shit. We saw last season with Di Maria, a world-class player, that even players of his ilk can have issues settling into a side, maybe because of United/LvG's style of play or for other reasons. The same goes for DePay, Schweinstiger & Schneiderlin. It's a big step up for DePay, he could end up being phenomenally successful like Suarez or he could struggle as so many others moving up from minor leagues have done, oodles of goals in the NL doesn't equate to oodles of goals in the PL. Same goes for Darmian moving from Italy, he may require a period of adjustment, he may not.
Schweinstiger does have injury issues so United need luck too to get a whole season out of him and he's spent his whole career at BM, this is a major transition for him for all the usual reasons (style of play, new team mates, new country, language etc. etc.).. One would assume Schneiderlin would have the easiest time adjusting, however we've many times seen good PL players move clubs and just fail for one reason or another. To expect all of those four, plus a new CB and striker, to hit the floor running is beyond fantasy.
United of course still need a CB and striker. Rooney, Wilson (a 19 y.o. boy) and Hernandez (if he's still there) are simply not enough and I'm personally not sure Cavani is the answer either considering he spends all his time on the wing for PSG, even though he regards himself as a #9 he's far from set the world alight when played there for Uruguay (amended from mistakenly writing Argentina - no idea where my head was at then) ! As for a CB - is Ramos the answer ? Maybe.
All that said there is no doubting that United have brought in some quality players and the team will be stronger, they need a better CB pairing (even though Schneiderlin will help shield that back 4) and another high quality striker. Currently I have them 3rd, we'll see if they get that CB and striker where that takes them, but I doubt very much it'll be to the top of the PL this season as there is too much churn in the team and I believe you need a stable side to win the PL.
Chelsea must be there or thereabouts, Mourinho has a proven system and is only adding to it. The manager could be the difference. Title winners again.
Arsenal have a stable side and will strengthen with one or two high quality players and can not be ignored, 2nd for me.
I don't see Liverpool (who have undoubtedly strengthened, it's ridiculous to dismiss that fact) or Spurs challenging those 3. City are the only ones susceptible to being dislodged from the Top 4 and, depending on who they buy (and they will, expect to see at least another 70-80m flow out of their coffers) even that may be a forlorn hope.