Waltzing is a stretch to be honest, if Munster had decent backs they cluld have won a few weeks ago, had Lopez stuck his handy DG and that penalty there was a win in that game for Clermont, Leinster would push them given the chance too.
Sarries are obviously the best side in Europe but I'd argue Clermont and Leinster are more than capable of getting a win against them in the knockout stages, Wasps and Munster could get there with a bit of work and I'd predict Montpellier to be around next season too. The difference between Sarries and the rest right now is that they don't lose games or put themselves out of contention through their own inaccuracies like Clermont did yesterday, Munster and Wasps did in Dublin and Leinster did in Lyon, it comes and goes as shown by the number of back to back winners the tournament has had since 2011. Winning in Europe requires a test level side in my opinion, its hard to get more than one club at that level and harder for a club to sustain that past 2-3 years.