I disagree and think he didn't deserve the previous extension.
Anyway, re: the protest, there have been a few of these already and the message is also far from distinct, with a Wenger protest becoming mixed in with an ownership protest and general 'anti state of football' protest. What you need first off is a more distinct message, a unified voice.
For me though, they still don't work and that blogger is just convincing himself otherwise, repeating things he's probably been saying for years.
Protest against Wenger? not much use, the media spotlight is now well and truly turned on Wenger and his relationship with the Arsenal fans, it's not like another protest will add any extra. And there is no capability of supporters EVER 'hounding out' the manager.
Protest against the Club? this is the one that's more creditable in the long run, but also destined to fail because of the almost unique position Arsenal finds itself in. The guy on the blog sums it up neatly: come the day of the Munchen Bayern home game, all ST seats put up on Ticket Ex will have been snapped up, and the only empty seats you will see will be those ST owners willing to take a hit on the money and stay away. The club is well and truly buffered from anything a fan wants to do to 'hit the Club in the pocket'. Those days are just gone.
So I'm not one to join in these protests, but it's not through apathy.