On paper alone they aren´t shoe-ins for the title, because they seem to lack balance. Sure, they have the best attack, but their defence looked a bit dodgy. Clichi, Kolarov, Zabaleta and Sanga are all a bit meh; kompany is always injured and few people rated Stones or Otamendi in pre season. Additionally they only have Fernandino as C(D)M, who is really more of a CM. Yet after less than 5 games Pep managed to form a team, that doesn´t look unbalanced at all. I have no doubt that some teams will expose their defence at times, but how many times will this happen (in the EPL)? Maybe 4-6 times, but that is hardly a big concern.
In pre-season I said, that Yaya and Nasri will be gone, because Pep will never put up with their diva-attitude. Without them and Joe H., the whole squad seems to have a pretty decent mentality. Guardiola knows how to handle players like Silva, Nolio or Aguero who might be a bit lazy at times and KdB looks great (he can be a bit over-competitive, which might lead to frustration). None in this team is going to throw a tantrum now.
If we weren´t a proper test, who is going to be one?
So all thats left are concerns about the intensity, which is fair, but applies to other teams as well.