The FA missed their chance when they appointed McClaren terribly. They had Capello, Hiddink, O'Neill, Scolari and Hitzfeld to choose from, and even Fat Sam would have been a better choice, and they squandered it because of the ridiculous demand for an English manager from the public/press, when there clearly isn't one good enough.
Having said that, I actually think McClaren should stay in the job. While he's not been amazing, he's been the first manager in some time to have us occasionally playing good football. Admittedly it's only appeared in parts for the wins over Russia and Israel, but it's better than the dullness we've had for some time. And really, there are no top-class managers free at the moment, and we're definitely not getting Mourinho, so let's not mess about thinking we could.
Give him two more years at least I reckon.