I think my observation, high level, would be that Big Jim still doesn't have it under control. They're keeping afloat with the funding available to them, but without c £240m of equity injections over the last 3 years they'd be struggling. I'm not seeing signs that they won't need more shareholder cash pumping in (and don't hold your breath waiting for the Glazers to stump up).
The reality is that a lot of their debt doesn't need to be repaid (the Glazers will sit on theirs until they leave and the bank debt will just keep rolling) but they are still spending beyond their means and have a huge millstone around their neck in the shape of their stadium project.
When the Glazers took over, they were the dominant force in English football, and up there on a European level, but the Glazers have presided over a period of decline - their squad is shite, overpaid and not capable of winning stuff, their ground is falling down and their commercial brand has stagnated. They want to replace that ground with a soul-less modern bowl that's going to cost billions they don't have.
Over the same period, FSG has added 15,000 seats to our stadium (admittedly a good chunk of them out of the average punter's price range), upgraded our training facilities, built a league-winning squad and grown commercial revenue to a level where we are neck and neck with United. They've not taken a penny out of (they were really scrupulous about that, by the way) and will make a huge profit as and when they sell - fair fucks to them.
United are still on the way down, we are riding the crest of the wave. They are lower now than we were when FSG took over, and I'm not seeing signs they're going to turn it around. Their fans are right, they need the Glazers out, but it's still a hell of a job for anyone to do to turn it all around.