Personally, I think he should go. Arsenal... they lost their left back and Wenger does not want to replace. They are also going to lose one of their most influential attacking players in Nasri before the transfer window closes. The keepers are mid table standard, the defence isn't much better and Fabregas seems to be the only world class player left at the club.
It is also pretty obvious there are at least 6 stronger teams at least (Man U, Chelsea, Man C, Spurs, Liverpool, Everton and possibly Villa) which could see Arsenal struggle to even get in the Europa League.