It wasn't all that at Highbury either, if I remember correctly. It's definitely even worse now though, I agree.
No, huge clubs like Real Madrid and great players like Ronaldo would be missed in the competition. Arsenal wouldn't be missed for that reason and they don't add any excitement of any other nature such as creating an intimidating home atmosphere. Perhaps that's why you've been spanked every time you've played someone good. Good home support can count for a lot. It helped Liverpool a lot in 2005, for example. It also meant their games weren't mind-numbingly boring, even if the football wasn't great.