Chelsea versus Real Madrid is a far more interesting matchup. I've watched Atletico vs Real and it's a shit fest of diving, simulation, time wasting, and general douchebaggery.
Chelsea vs Real would be the same, i'm sure, but at least there's all the additional drama around Mourinho and Ancellotti. Plus Chelsea just did us a solid, I'm happy to root for them this year in a competition we're out of.
Finally, this has been awesome to watch. I don't really like R. Madrid, but I really like watching Bayern be humiliated.