If we say from 2000 onwards
Beyond Fabregas and Cashley who are/were wonderful players I just don't see it with Arsenal at all. Wilshere, Gibbs and Chesney are obviously talents in their current squad that they've brought through themselves but beyond that the quality is bang average. The standouts are Larsson, Bentley, Djorou, Pennant, Bendtner and Muamba....
In that time Real have had the following go through their academy: Carvajal, Arbeloa, Diego Lopez, Soldado, Negredo, Mata, Morata, Jese, Juanfran, Rodrigo, Callejon, Granero, Parejo and Javi Garcia. It's not remotely comparable for me!