Banter and rival fans tribalism apart I doubt you will find many football fans in the world who consider Rafa a joke or Wenger ridiculous. Sure there are some Arsenal fans who want a change but I doubt many of them are ridiculing him.
I'm not sure how knowing Madrid are a sacking club is relevant - its not about sympathy. Its about understanding why events happen. As for Newcastle he was brought in too late. His overall record there was a massive improvement on what went before - the same record over a season would have seen Newcastle finish 11th. Any manager going in there at that time would have found it difficult. His results against Sunderland and Norwich were poor, but both were very early in his short tenure and must be balanced by the fact that he got draws against Liverpool and City and a win against Spurs (albeit after their fate was sealed). Its obvious to anyone that had he been brought in earlier it would be Sunderland who went down.
I can't picture him looking down the back of the sofa for 50p for the meter so I doubt money is a consideration - if it was I'm sure he could have held out for something even more lucrative. His family undoubtedly is a huge factor, but it cannot be the only one otherwise he would not have had the original release clause inserted.
Obviously opinions are clouded by team allegiances - thats understandable. But there is no doubting the fact that the football world as a whole thinks that it is a massive coup for Newcastle to retain Rafa in the championship - that is good enough for me to show that he is still a manger of high stature.