Personally, I wanted to see Spurs go through to the group stages. Few teams in the Champions League want to play open-ended kamikaze attacking football quite the way Spurs do and they usually make for good entertainment. That said, they're going to be a bit stretched now between qualifying out of the group stage and finishing in the top four. You have to believe Spurs will be in a dogfight between at least Manchester City for presumably the fourth spot. It'll be interesting to see how that balances out.
That said, I don't see Tottenham as a contending threat either. They still lack a proper #9 up front and that backline can be shaky (especially sans Ledley King). If 'arry can get a couple of signings to bolster one or both of those problem spots, that will help although I reckon this late in the transfer window, they won't be able to squeeze in a big move. Kind of interesting to note that now Sevilla are out of the competition to some surprise, Luis Fabiano makes for a nice fit in that #9 role for Spurs. The Champions League revenue is a big miss for Sevilla this time around and if anything, that adds a bit of financial stability for them. Either way, I see Spurs either eliminated at the group stages or the first knockout round. It depends on how (un)friendly a draw they get.
Speaking of which, the Champions League draw takes place tomorrow. I believe, it's 5PM BST, which translates for a Noon ET/9am PT start.