Yeah, I agree with virtually everything Thundyr's saying.
I think Kenny will get next season to prove he has the potential to challenge for the title the year after, or at least get us back into the CL comfortably. There's argument to defend the team this year, from transition, SG/Suarez missing, whether we 'just need a striker/right winger' etc... or other teams have improved/invested. This season, I expect we'll win at least one cup and god-willing we'll finish 4th, but it's looking less and less likely. I hope he'll then get the attacking players in the summer (hopefully first choices) but then the pressure will be on next season in a big way. If we're not up there at least fighting for 3rd, rightly he should walk away - but he still has time.
I think as some have said, Henry wanted to appease the fans and as soon as the Nostalgia's gone, Henry will act quite swiftly and appoint his own man. A win tomorrow could change everything.