I'd be interested to know who the other captaincy candidates were at the time of Rocky's appointment? That is, who did G&GR folks think was worthy of the job at the time. I recall thinking it was a decent choice, as there weren't a lot of other guys who stood out, either through form or injury. With the benefit of that always clear hindsight, it wasn't a great choice. If you were picking a captain today, I think you'd go with Horwill, regardless of his success with the Reds.
I wouldn't actually be that disappointed if Rocky lost the captaincy from this weekend onwards. I don't think it's done a lot for his game and he's not a natural leader, especially in comparison with some of the other captains we've had over the last couple of decades.