The "things" are somewhat quiet right now, but that will most probably change within a couple of hours. Tomorrow, February 20th (Esfand 1st in the Persian calendar) is the D-day. Probably it's going to be the same story we've seen in many other occasions in the last two years: the streets will be packed with the anti-riot police, and with members of the "Basij" militia. These Basij guys used to be more or less recognizable: all of them were bearded and dressed like villagers. But now, they've learned how to shave. That makes the "things" a bit tougher: you can't say at a glance whether the guy in front of you is an ordinary citizen or...
I don't know what exactly you mean by "losing support". If you're talking about what Galileo called "the ignorant and superstitious masses", well, there's no cure for their ignorance. So they will go on supporting a regime that's murdering it's own people in the name of Islam.
The Iranian "Green Movement" receives much less international attention than it should, for the obvious reason that the Western media is not allowed to cover the events here. [Compare with the events on the Tahrir Square in Cairo, which were on TV 24/7 for about two weeks.]
This is what the "support" stems from: a semi-traditional society whose first priority is to stay alive and doesn't care much about how to live, with religious beliefs that are easy to take advantage of, and suffering from the common disease of all traditional societies, i.e. fear of change. These things can't be changed in one day, and that's why I think a second revolution is not the way to go.
@ Hanna: You're right. Press TV has no serious rival among English-language channels. In my opinion, the most reliable news channel that covers Iran is BBC Persian, but of course that's not in English. I also have to admit that I don't watch Press TV on a regular basis, so maybe I shouldn't have condemned it like that. But, I've noticed a very tangible pro-Government bias in their views.
The situation in Iran is very tense, the two sides have their campaigns, and everyone ultimately listens to channels that say what he wants to hear. Press TV certainly doesn't say what I want to hear.
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Finally, I have to say this: the recent events in Egypt and Tunisia (and the consequences that followed right across the Arab world) have radically changed my opinion of Arabs. I used to think they're totally unable (and unwilling) to stand for a common goal. I was dead wrong. Although I'm a bit skeptical about the future, the main point is that Arabs have finally awakened. [But then again, Egyptians are about as much Arab as, say, Colombians are Spanish...]