As a follower of the team for close to twenty years, it pains me to say this. But no, this iteration of the Gunners are not legitimate title contenders. For all of their talent and panache, the results speak for themselves:
Loss to Fulham (inexcusable)
Draw with Sunderland (that required last minute heroics from Fabregas)
Loss to Hull (no slight meant to the Tigers, but Chelsea handled them easily)
Draw with Spurs (when leading by two with little time to play)
Loss to Stoke (that's two losses to newly promoted teams)
Entertaining and artistic as they are, this team lacks something that makes champions. Call it heart, call it character, call it leadership; whatever it is, teams like Chelsea and Man U possess. This current Gunners team does not.