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I will skip the line-ups part, as i can't believe there is a person here that does not know these teams, and the other tipsters will surely put them on the paper.
Arsenal, with their worse form of late, have lost chances for the title, as they are 6 points behind Man U right now, and they even lose the second place to Chelsea, thus the direct access to the CL Group Stages. Nobody wants to risk a 3rd round Qualification match as anything can go wrong in such a match and missing the CL would be a disaster, so they will try to at least retake that 2nd spot. As for the CL, it is their last chance for a trophy this season, and they will surely do their best to go through to the Semis. Their last 2 matches in the Premiership were opposite. Against Chelsea, they lead until the 70th minute or so, and then Chelsea pressured them and scored twice to win that. In the last game, Arsenal had a horrible first half, conceding twice, a bit unlucky but still deserved to get those goals. Then they had a player sent off, and it seemed like a blowout was coming. But in the second half, Bolton's lack of quality and determination, and of course poor tactical play, allowed Arsenal to get back in the game, and despite their not so consistent play, with a bit of luck and a goal in the dying minutes, they miraculously won 3-2. This will be good for the morale in this extremely hard match that is coming.
Liverpool are in excellent form, except the defeat on Old Trafford of course the Reading accident at home. In the last round, they've managed to defeat rivals Everton, and jumped on the 4th spot, 2 points ahead of them. It is of absolute importance for them to keep that 4th spot, as i doubt they can win the CL again and get the extra CL spot as they did not a long time ago. :) Torres and Gerrard are their big hopes for the night, and they will go to London with the desire to win.
From their last 17 games h2h in all competitions, in 16 of them there were 2 goals or more. In the CL the teams play tighter of course, but this is an all-Brit duel and the atmosphere will be exactly the same as in the Premiership matches. So to give odds of 2.00 for over 2 goals is absolutely marvelous in my opinion, and i will take them medium-high without hesitation. Good luck.