
British daily The Independent summed it Thursday with headlines "Milan left to mourn passing of its legends" and "Real Madrid left in ruins."
The change is personified by 20-year-old Cesc Fabregas who opened the scoring on Tuesday in the San Siro for Arsenal in a memorable 2-0 triumph against ageing Milan.
Just 24 hours later a determined Roma team knocked out Real in their very own Bernabeu, a clear indication that the Madrid club needs far more restructuring than no longer having its "galacticos" (Zinedine Zidane, Ronaldo, David Beckham).
While Real and Milan, who share 16 titles in the elite event, are confined to watching from the sidelines, Arsenal are joined in the final eight by English rivals Manchester United and Chelsea, Roma, Barcelona as well as less famous Schalke 04 and Fenerbahce Istanbul.
England could in fact make up half of the eight quarter-finalists if Liverpool hang on to their 2-0 advantage next Tuesday at Inter Milan.
As a result it is no surprise that the Premier League sides are keen on avoiding each other when the draw is made next week Friday.
"They are all great sides who can pass the ball and mix and match it with any team in the world. Hopefully we can avoid them next time but if we are drawn together we have to beat them," said Chelsea captain John Terry.
Manchester lifted the trophy in 1999, Liverpool in 2005 and Arsenal made the 2006 final, while Chelsea finally hope to make the decisive step towards the decider this time around - having been beaten in the semis by Liverpool in 2005 and 2007.
"We've missed out in this competition on a few occasions and we want to make the final step and get our hands on the trophy," said Terry.
But it has been Arsene Wenger's Arsenal who have received praise from friend and foe around the continent for their classy football.
"We have to be very proud of what we have done. We went over to our fans, and you could also see some of the Milan fans clapping. You could see they like this kind of football and that we played well.
"The Milan players all said: 'well done, we hope you win it now'. In Italy, they have a lot of respect," said Fabregas.
Arsenal's win came less than 12 months after the last true showing of class by Milan in a 3-0 semi-final demolition of Manchester United.
Milan will hope that Brazilian teenager Alexandre Pato becomes more consistent and World Footballer of the Year kaka regains his form. But Paulo Maldini is in his farewell season, Filippo Inzaghi turns 35 this year, the 31-year-old Ronaldo is out until year's end and Alberto Gilardino has failed to live up to expectations.
New candidates for the Rossonieri include Chelsea striker Didier Drogba, who turns 30 next week and Barca defender Gianluca Zambrotta, who is 31.
While Milan have to fight for a place in the Champions League next season given their current fifth position in the Serie A, Real should be back again next year and can salvage the season with back-to-back Spanish titles.
"This Saturday we've got a league match to think about. We have a five-point advantage and we have to keep working on that," said captain Raul Gonzalez.
Real have brought in new talent such as (now injured) Arjen Robben and fellow-Dutchman Royston Drenthe and Robinho is enjoying his best season at the club.
But a fourth straight round of 16 exit shows that more fresh blood is needed for Bernd Schuster's team to do well in Europe, their ninth and so far last European title dating back six years to 2002.
"We wanted to gain some prestige in Europe, that was one of our objectives, but it's just not to be," lamented Raul.
DPA