VERDICT
Spurs are clearly on the up but then is in a precarious position since they have competition for top four and need this to get the maximum from their new stadium. The new ground in itself is behind schedule and way over-budget, and this alone could provide a hindrance in the future.
As for Arsenal, the club needs to improve, since the major issue has been structural, both on and off the pitch. The appointment of Emery and the internal realignments (with Mislintat and Sanhelli) are solutions to the issue, but it will take time to rectify to an acceptable standard.
I think both, in the coming years, will be competitors for top four, and be in the running for cups.
I can see Arsenal and Tottenham finishing above each other for the top four in an alternate fashion. But I do think Arsenal's bigger global name/brand will ensure it can get better players. Yes, this is not everything, of course. But it is a factor in attaining not just players, but additional commercial revenues. Tottenham have some way to go to ensure they can maximise this effectively.
It's interesting times, but then both Arsenal and Spurs have challenges and opportunities to fulfil in the near future.