I never suggested that the Premier League is always a three horse race. Going into the season however, since the rise of City/Chelsea, it has always been a few teams that had a good chance. Chelsea winning the League any of the past 5 years wouldn't be a huge shock, City winning it wouldn't be a huge shock, obviously United winning it wouldn't be a shock. Going into this season we had Chelsea, City, Liverpool, Arsenal & United who were all under 12/1 to win the League.
The period of our dominance that you refer to is exactly the situation that I am talking about trying to avoid for the Bundesliga. We were by far the richest team and so we won 8 of 11 titles, 9 if you discount Blackburn as a sugar daddy team.
The Premier League may go through the odd season where everyone cocks up and one team is a clear winner (as will any League). The Bundesliga however is shaping up to be that way perpetually (with or without the cocking up). Bayern are only 4 points ahead, but are 1/33 to win the League with Wolfsburg at 66/1. The second best team in Germany at the moment has the same chance to win the League as Southampton... That must tell you that there is zero chance of Bayern not stomping the League.