I just don't think he's inspiring confidence at the moment. I'm one of his biggest supporters usually. Last season, he was superb. But so far, he's not saved anything he shouldn't have and his decision making has been suspect. Our achilles heel last season was defending set pieces and he has us too deep because he won't come off his line. I also think he's committing to saves too early so if there is a deflection, or dummy, or chip, he's fecked.
Ultimately, if we end up conceding two goals every game, we're not going to stay up. We can't be satisfied that this is the norm. If Schmeichel isn't responsible, who is? The only time we've been defensively solid is when Schmeichel wasn't playing.
Edit: Just to say I'm currently watching Lloris commanding his area for Spurs. He's taking pressure off and asserting himself. The contrast to Schmeichel so far this season is obvious, particularly today.