Whether you want him in or out comes down to where you personally set your expectations and how closely you follow and buy in to the Media. But ultimately it's down the Chairman who thus far has taken a very measured approach in building the club.
According to the press, with all of the money we have spent (like no other team spends money(!)), we should win every match and collect every cup. When we inevitably fall short due to the team being made up of human beings, the press, the tv media and a number of fans call for the manager's head and whip themselves up into a frenzy saying it's not acceptable for the owners and Mancini will be gone in the summer (like they know).
If we were to take a more measured look then the money we have spent has brought us closer to an even footing as the rest of the top teams in the Prem and Europe, however we don't yet have the aura of a superpower team and the lesser teams don't yet play with the same fear factor that they do when visiting Old Toilet (a point i think is also relevant to referees too).
My personal point of view is that with Mancini we have won the FA Cup, won the Premier League (does it get any better than last season?!) and won the Community Shield. We are in the semi of the FA Cup and have a good chance of winning that too this season. The scum have had an unusually successful league campaign (i think due to the fear factor that their manager and team imposes on opponents) and we are trailing them in second place. Mancini will have learnt a lot from this season and i can only see improvement next year.
When you factor in the frustration in the transfer market in the summer, how we ended up becoming weaker and taking a punt on the likes of Rodwell and Garcia rather than more established first team players, how we lost out on van Pussy and how the team had to cope with Balotelli and his wandering mind, Dzeko and his lack of quality and consistency, with Aguero and his injury and marital problems and Tevez and his finishing problems. When you also accept that we could barely have had a more challenging Champion's League qualifying group then how you can lay the blame squarely on the manager being the root cause of us not winning the league, especially when you factor in circumstance then i think that your expectations are set too high.
Nobody really knows what Sheikh Mansour really thinks and how adaptable he actually is. He may have set out to retain the league at the start of the season, he may not, but if we do win the FA Cup and finish runners up in the league then i would be surprised if they will sack a manager who was not supported in the transfer market and who was given a 5 year contract last summer.
As we've heard so often, we are in the early stages of a project for world domination - if this is the case, then why sack a manager for not achieving the Media's short term targets?