I think it will be good for PL, Pep is a manager who loves his teams playing pure football and I suspect he will try and introduce this style at City from the word go. He'll shape the team to his needs too, I don't necessarily think he'll spend billions but I think he'll bring in 3 or 4 of "his" type players, I wouldn't be surprised if he brings one or two of his players with him from Bayern, Alonso and Thiago maybe?
His mandate will be CL, obviously they will be expected to win PL every season but they clearly want CL at City.