Like some have said before, I'm a little bit in two minds over this. I like Sven, I don't think he was given enough time, but we clearly haven't been making the requisite progress of late. It seems a bit knee-jerk, but nothing worse than that in my opinion.
I can't imagine that, given their ambitious plans in Thailand, the owners would remove a huge name like Sven and replace him with a relative unknown in the region (certainly Grayson, Davies to an extent, Hughes to less of an extent). I also don't think they would have sacked him without having some preliminary discussions with their preferred candidate (suggesting unemployed). All of which leads me to believe that it is either O'Neill, or one of the puzzling continental suggestions flying around (Benitez, Ancelotti etc.).
If it is O'Neill, I, for one, would be absolutely ecstatic. It seems like an excellent fit to me: MON said recently that he was now looking to get back into football, he would be coming to a club where he has funds available but does not have interfering owners and he would be coming to a club that needs its players motivating (as they're very good on paper) and it's fans uniting - I can't think of anyone more capable of doing that than Martin.
I don't think Sven should have been sacked (yet). I don't think Martin will come back. But I'll be bloody delighted if it happens. Daring to dream...