I don't think the league is worse at all. Overall, I still think the PL is the most competitive top league in Europe, hands down. The reason why there was no English club at semi-final stage of the CL is exactly because, unlike several other leagues, there are no two or three clearly stellar teams, but the quality is spread out far more regularly across those twenty teams. So you get Crystal Palace going to Liverpool and beating them, you get Swansea going to Arsenal and beating them (when there was nothing really at stake for the Swans), and now you get Sunderland going to Arsenal and taking a point. (And I won't dwell on the painful fact that the team that is second in the league couldn't hack it against Burnley home or away, or Hull at home…) Same thing happened, to some extent, last season: think of Sunderland, again. You don't get a team like Cordoba, for instance, getting absolutely whacked by all and sundry. You don't get 8-0 scores. The bottom is still, on their day, capable of beating the top. And that's even more true in the cup.
That's why — and many have said it to me over the years — the world's favourite league on satellite tv is the Premier League.