In the same way I hope to see them achieving a decent success in the Champions League as well. I already see them in last 16. However I think they should be able to reach at least the quarter finals. If they have a solid season like this then I'm pretty sure Simeone would be kept by them.
Atletico Madrid are good in starting well, but once the season get to the middle then you will begin to see them reducing points that will make them not to recover till the end of the tournament. I think they started with some new strategies, which if they can maintain this new strategies through out the tournament, they will make a good record from champions league and la Liga league competition because it look like their coach has discovered their mistakes that is making them not to display well at the end of the tournament. I think the season is still new for someone to predict for Atletico Madrid to reach quarter finals, because there are many teams that are well prepared to dominate through out the season to frustrate some teams in this season.