For me sacking him was the right move, but a little too late.
In an ideal world he would have gone sooner, and we'd have got Martin O'Neill instead of him going to Sunderland. Given the plans Wolves have (extensive ground development which includes a leisure complex on the old Tarmac site near the ground, and a new training ground and academy complex at Compton Park), and O'Neill still living in the Midlands after his time at Villa, I like to think it would have been possible to attract him.
Alas, Mick is not unlikable and the loyalty works both ways....I feel the owner has shown rather more patience than the fans. To me though many of Micks signings seem odd, as well as team selection and tactics.
At times his transfer strategy seems baffling, look at the players he brought in to boost the quality of the squad, who he signed then never gave a proper run in the team! Nenad Millijas (who costs ~2.6 million and was signed on a four year deal), Adlene Guedioura (~2 million on a 3 year deal).
Now Adlene has had his injuries, sure, but neither player has consistently had a regular run in the team. Instead McCarthy persisted with the likes of Henry, Ward, Foley. Why did he sign the others if they were to warm the bench all the while?
Let us mention Steven Mouyokolo, signed on a four year deal, who is on loan with Sochaux in Belgium...he has made just 4 apperances in gold and black, yet cost
£2.5 million!
How about Freddy Eastwood, the notorious 1.5 million signing, bought from Southend, who only had 10 starts in his 35 appearances. He left after rarely even making the subs bench. Mick said of him
'It's nothing personal, but it hasn't worked out how either of us would have liked. He hasn't fitted into my team but he wants to play and will do well elsewhere. We wish him luck'. Why did you buy him for 1.5 million quid then Mick, if he doesnt fit in with your team?
Lets look at the purchases made in the Mccarthy era:
Jamie O'Hara - £5,000,000
Roger Johnson - £7,000,000
Dorus De Vries - Free
Eggert Jonsson - £200,000
Steven Fletcher - £6,500,000
Stephen Hunt - £3,000,000
Steven Mouyokolo - £2,500,000
Jelle van Damme - £2,500,000 (signed on a 3 year deal in June 2010, with an option for another, made just 6 appearances for Wolves before moving on by Jan 2011)
Jake Cassidy - Undisclosed
Adam Hammill - £500,000
Adriano Basso - Free
Kevin Doyle - £6,500,000
Nenad Milijas - £2,600,000
Andrew Surman - £1,200,000 (signed on a 3 year dea, with an option for another...went on to make just 9 appearances in the first team

, now plays for Norwich and scored against us last year!)
Marcus Hahnemann - Free
Greg Halford - £2,000,000
Ronald Zubar - £1,500,000
Stefan Maierhofer - Signed
Stephen Elliott - Signed
Michael Gray - Free
Kevin Foley - Signed
Jemal Johnson- Free
Sylvan Ebanks-Blake - £1,500,000
David Edwards - £675,000
David Edwards - £675,000
George Elokobi - Signed
Sam Vokes - Signed
Richard Stearman - Signed
If we go back further we see McCarthy signed the likes of Ward, Henry, Kightly, and Keogh....since the time he came, until his departure today, the playing squad has been built entirely of players that he has signed. How many of these players can be considered as good enough for the Premier League? And how much money has been spent/wasted on players who never got a regular run in the team, and/or never made the grade?