I'm okay with Pellegrini.
I've somewhat defended Man City for sacking him. IMO, he was doing a decent job there, and the timing was certainly strange on the face of it as I think Man City could have made a challenge had they stuck with him. But tbf, they did look somewhat lackluster and unmotivated his lest few weeks. Perhaps if he'd gotten more support that could have been avoided, but the situation at that point was what it was.
And the chance to hire Pep Guardiola doesn't come around too often. He's arguably the best manager in the world, and he's young. It was a step up, IMO. So that decision can be justified as not sacking Pellegrini for sucking, but rather seizing the opportunity to grab Guardiola because he is awesome. Not saying that's why Man City did it, just that it could be defended as such.
I would rather have Pep Guardiola than Pellegrini at Saints. But I'm under no delusion that Guardiola is interested in the job. Pellegrini based on reputation/historical success would IMO be quite a coup for us.
We won't know of course if he's actually any good until he gets here. We will just have to trust the board on that, as we would with any other hire.