I think he made some of the worst decisions of his tenure (punz!) last night, and his conservative tactics are not enjoyable. However, I just don't think there's a possibility of another manager coming in and doing any better right now. We wouldn't be an appealing proposition to a proven manager, so we'd be taking a big risk on someone young or foreign, who would have zero cash to replace Pienaar and Drenthe when they inevitably leave. Teams with similar squads have been relegated that way.
We're just treading water until there's serious investment, if ever. Until then, it makes sense (a somewhat bleak sense, I admit), to stick with a manager who can keep us somewhere between 7th-12th in the league. The saddest part is that it's just not very interesting to be an Evertonian right now.