The anger is about: 1) Charging the highest ticket prices and not making clear what is happening to all the money that is being gained from transfer profits from selling established first-team members. We are not seeing a return on the pitch....if we haven't got the money, fine, but we need to know where it is going. 2) Wenger not recognising (or at least, not fixing) the most basic and obvious problems - losing key players through injuries every year; conceding the same type of goals and basically losing track at the business end of the season when the going gets tough. I don't care much about transfers or even winning at the moment - the thing I most don't like about what Wenger has done is he has allowed a culture at the club where there only zombies who are using the club as career progression. The only player I can currently identify with and can call a gooner is Wilshere. Playing for Arsenal and wearing the Arsenal shirt doesn't mean as much as it used to. I'm not suggesting that it is not the case at other clubs (particularly clubs who no longer have any old guards at the club), but with the philosophical stance that Wenger has always taken about club spirit and respect, there is absolutely none visible right now. I am very disappointed that Wenger hasn't done more to combat that.
And about the other point - Not everyone could do better than Wenger, but a lot of managers wouldn't have allowed players to piss all over them and maintained the identity and link to the fans. Dalgleish and Liverpool seems to be a good example right now.