I think the point isn't that the Colts lost....it's HOW they lost. They gave up. And they gave up with a 5 point lead and likely 1 more Manning drive may have done it (maybe not but we'll never know).
Had they played their starters and lost, hey it would have sucked but at least they tried. But to play the starters into the middle of the 3rd quarter, and THEN pull them? Right after the offense seemed to gel better? THAT is where criticism is valid. When the Saints lost to the Cowboys, they got a standing ovation for going 13-0....but they lost TRYING to win.
I'm hearing Colts fans are pretty irate over the decision.