We have seen a thrilling quarter-final second leg between Chelsea and Liverpool that produced an amazing eight goals and we have also watched in awe as both Arsenal and Manchester United set up an all English semi-final on April 29.
Villa fans now recognise - if they hadn't already - that their club simply isn't ready for the biggest stage just yet.
After challenging for a coveted fourth place finish for much of the season, the Claret and Blue have seen their chances fade in recent weeks.
Arsenal - a Champions league side for many a recent year had a blip which opened the door for an outsider to challenge the so called 'Big Four'.
That outsider was Villa. A team packed full of talented home grown talent and bursting at the seams with hungry youngsters.
Unfortunately, of late, those inexperienced members of the team and the men deemed as squad players i.e. Zat Knight and Nicky Shorey have been called upon to give match winning performances.
The problem is that the pressure of the Premier League has got to them and they simply do not have the necessary mental or physical ability to cope.
The Gunners on the other hand have shot down all before them in a recent winning spree. Even when they were not playing at their best, they managed to pick up wins here and there to keep them ticking over.
Villa totally outclassed Wenger's men at both the Emirates and Villa Park and consequently they came away with an impressive four point haul.
Unfortunately it is not occasional performances that count - it is how you last the course of the season and juggle all competitions laid out in front of you.
Silverware
Arsenal have proven they have the necessary nous to stay the course.
Even now, in mid April, they are capable of destroying the Yellow Submarine of Villareal - one of the best sides Spain has to offer.
Could Villa realistically have matched that level of performance at this stage in the season? The answer is no.
Many fans will say "We just want to qualify, not reach the last four". But realistically, what is the point in battling for 38 games only to say "We weren't good enough to be in it anyway".
Yes many can point to the financial aspect but Villa need to first build a squad and then make their move.
In the mean time they should concentrate on winnable competitions. The UEFA Cup and Carling Cup provide excellent opportunities to claim silverware and they must not be overlooked next season.
Villa must take each competition seriously and assemble a group of players that are collectively ready to take on the challenge of a full season competing in every arena.
Only then will they prepare themselves physically and mentally for the Champions League challenge.
The likes of Liverpool and Arsenal have spent time developing squads that can consistently reach the Promised Land. They often tinker and reform their first teams but keep a base of top class talent.
Villa need to keep the likes of Gareth Barry, Ashley Young and Gabby Agbonlahor and add quality reinforcements during the summer.
It may be a long waiting game, one which takes a few more seasons, but in the end it could prove to have lasting benefits.
Rome
O'Neill knows his side can compete with the best on their day but he will also be aware that since he has been manager his side have yet to win a game in the month of March.
This, in no small part, is down to the depth of his squad. Champions League sides have a particularly large pool of resources and they come good at the right time.
Look at Liverpool. They were missing their talisman Steven Gerrard at Stamford Bridge on Tuesday, yet somehow they nearly pulled a result out of the debris that was left from a 3-1 first leg defeat at Anfield.
Could Villa really challenge the top guns on a constant basis?
Obviously finances are an issue - O'Neill has already admitted that they can't compete. But Wenger has not spent huge money on his squad and look at what they are capable of.
Of course the odd big money buy is still a necessity - you only have to look at the influence that Andrei Arshavin is having in North London. But such signings have to be made at the right moment and Wenger's timing is impeccable.
A few seasons down the line - with some clever scouting and some careful housekeeping - Villa could be establishing themselves in the top four.
Going gung-ho is all very well but you only have to look at Leeds United and Ipswich Town to know that is not always the best tact.
In the case of the Tractor Boys, who reached the UEFA Cup after just one season in the Premier League, the European dream destroyed them.
In the campaign that followed they had neither the squad nor the infrastructure to compete at home and abroad and they were relegated. They are now no better than a mid-table Championship side.
Villa do not want to experience a similar fall from grace. Rome wasn't built nor reached in a day and that is what fans must remember whilst observing the mouth watering midweek action in Europe.
They may not be ready to grace the world's greatest competition just yet but have no fear O'Neill and Randy Lerner have long term goals and you have to think they are shrewd enough to achieve them.