before i get called bitter blue and all that, it lost all credibility in 2005 when a team not even good enough to finish above a team with marcus bent up front "won" it, and UEFA didn't even have the foresight to have a rule in place for the possibility of a winner not being good enough to qualify for it.
Like you say, it's supposed to be the best team in europe but everyone knows the best team in europe is never actually the champion anymore, it's lost all prestige and to me any romance seeing as you have a core of about 16 teams who are in it every year. It's dull now, you end up with the same teams playing each other every couple of years it seems. Just get the actual champions and a couple of second placed teams in there and have a real competition.