I wouldn't say that. Let's be realistic about them.
Everton - making strides? They're on the verge of losing Lescott and Jagielka is already out. They are good for sure, but not as goo overall as Arsenal
Man City - They spent a lot of money yes, but who did they get? Barry was a solid pickup, Adebayor was awful last season and his inconsistency will test the patience of fan as he did in Arsenal. Tevez works hard, but is overrated IMHO. Which leaves us with Toure - he was good 2-3 years ago but he is not the same player anymore.
To me, City have a weird team - too many forwards and the're spending elite money on not so elite players. They ca be good, but they still lack the other top 4 teams' well-rounded squads as a whole.
I read McMahon's predictions and I would love it if he was right. We will see, but people should count out Arsenal at their peril.