We're slight favourites, but still have to get the job done. Still, between 2007 and 2009 we knocked Barcelona, Inter and Real Madrid out in successive years at this stage.
The Bayern of two years ago would've been extremely intimidating, but they are in a major generational shift right now and struggle to find their way without investing the big bucks on players. I would say Dortmund most likely winning the Bundesliga this year is still a one-off, but internationally Bayern will find it harder and harder to compete in the coming years, given that today signing a 24 year old Ribéry would cost close to if not more than £100 mil, something they're not willing to spend, even though they have a very good revenue.
No Virgil against Lewandowski at Anfield is a bit of a worry though. That being handled and normal service resumed up front, my prediction would be 2-0 at home and 1-1 in München.