I'll take a shot. Here's my personal take, followed by my feeling of the general fan base.
1) Dumping Hoke seems like jumping out of the frying pan and into the fire. He's got good recruits coming in, and if we lost those recruits, we basically have to start all over.
2) Before the ND game, we thought this year and next year would be rebuilding years, but we didn't know how bad it would be.
3) Next year probably isn't going to be much better, but if recruiting stays good, it's possible that Hoke's plan works in the long run. Borges's history is that he's very effective with good teams, and very bad at compensating for weaknesses in unbalanced teams. I don't think Hoke is a better offensive playcaller than Borges, so running down to the control room and throwing a bunch of levers probably doesn't help. We're all hoping for that.
4) There's a huge debate over whether there is an easy fix. The core of it is whether Borges is making bad play calls because he's just not set up to playcall an unbalanced team, or whether he's making bad play calls because the players are young and haven't mastered a consistent set of more rational play combinations.
The first idea is that Hoke should just tell Borges to spread the field, take more slant passes, etc., and then things will be somewhat less awful.
The second idea is that the flaw is much earlier in the season - Michigan's lack of pass rush and/or coachs'' mistake caused Borges and Hoke to overestimate the team's development, and they spent the off season developing an offensive package that teams have now figured out how to blow up. If so, at this point, flailing about trying to change what they run just makes things worse. If true, that's still on the coaches, but it's too late to do much about it this season, especially as Devin's injuries add up.
I guess the bottom line for me is that I'd like to see Hoke on a headset just so that he can hear from Borges, but I'm not sure it would do any good. Any adjustments we've made work for a play or two, but then get blown up once the other team counters. We probably need a few more months of work and a few months for Devin to heal.
As for the other fans, I think they're divided between (1) very frustrated with Hoke; (2) mildly frustrated, but cautiously optimistic that things will get better; and (3) serious homer support-the-team types.