Is arsenal really an elite team?

Arsenal was and is an elite team (They are the 3rd best English team). If they got a better defense they would be champions, but from midfield and up they got a great team (Van persie, Fabregas, Walcott etc... just to give some names), and you're right Almunia (and Fabianski) are some of the worst GKs in Premier (After Green, and the other English GKs).