I think, the main expectation was improving our team to play better football and win stuff. I don't think, I can remember a bigger portion of fans really thinking, we are up for the title. The 2nd place, as good as it sounded, came with a bit of context - a few of the usual contenders had offseasons and while we were in contention with City, something that would have fueled the hope for the following season, we bottled it as hard as we could have bottled it.
I can see where you are coming from, I think, Oles time is to a degree still connected with big money transfers that didn't work out and have haunted us, in parts even to this very day. Also, while many liked Ole and would have loved the fairy tale of having a club legend turning out as a great coach, people knew the chances were pretty slim. And at the end of the day, the time under Ole was a bit of a waste of time. The club didn't move into the right direction, it spent big amounts of money without getting anything out of it, the squad didn't improve, the technical level didn't improve. All that really stands to his name is helping with the foul mood after Mourinho. And even that is to a degree countered by the fact, that his style might have to take a share of the blame of a potential player power issue.
Exactly that. Ole was the right man at the right time - as the interim manager. Most of what followed the initial 8 to 10 weeks could have been seen as a warning sign. Many fans were hopeful, and why wouldn't they, just because Ole had some potential flaws didn't have to mean he couldn't pick a good team to balance his own shortcomings out. This is what was the great thing about Fergie after all. But it didn't work out and I don't think, we should archive this lesson as a suprising failure. It wasn't really suprising, the warning signs were there but too many wanted to believe in a dream.