most likely...Athletico Madrid, Valencia and Sevilla have good squads.
However though, do not neglect the quality that is in Barcelona's squad. Madrid is Madrid! Both of these squads, with my obvious emphasis on Barcelona, but I include Madrid, since I have the conviction that they could finish in the top 4 of every league in Europe and win half of them. Never mind the EPL-hype about being the toughest league etc., football is football and Barcelona has a better squad than most if not all of Europe.
Comparisons are glaring!
Strikers/Forwards - Eto'o and Henry - after you argue Zlatan and Ruud are just as good, then you have to ask who has them on one team. Furthermore, Ronaldinho(former World Player of the year and current candidate) and Messi are tried and tested.
Midfield - Iniesta, Xavi, Deco, Yaya Toure, Marquez - as solid as it gets.
Defense - Abidal, Puyol, Zambrotta, Olegeur(sub), Marquez, Thuram, Milito - Only a player like Nesta can afford to move in and say he'll get play. After that you'd struggle to find room for Rio Ferdinand, Heinze, Cannavaro, Pepe, Terry, Carragher, Vidic, Sergio Ramos....most of the top defenders.
Moreover, there isn't a team who can boast the combination of top class players in the departments of Defense, Midfield and Forward line. The one glaring weakness one can point to is PERHAPS Frank Rijkaard, he can't exactly be considered the best Manager in the World. Other than that, there's injuries and subsequent vulnerable bench, but even that is strong enough not to miss a couple players.
So while it is tempting to say that in Spain it's boring to see Real Madrid and Barcelona again, it's difficult to find teams around Europe that would easily dislodge them if they were in any league. This is because without playing a game in Serie A, I put Barcelona 2nd for sure and the same in the EPL. Madrid should be round and about the same position. Madrid is Madrid!
JOGO BONITA!