I absolutely 100% agreed with going for it on 4th down at that point.
First of all, it was a very good playcall. You can't blame the coaches for Dobson dropping yet another catch in a crucial situation that hit him directly between the numbers. 9/10 times the player catches the ball in stride and the drive continues.
As far as the situation goes though, even if you don't convert and IF the Saints score a TD we'd still have time to get the ball back and attempt to score a TD + a 2 pt conversion. It at least still gave us a shot to tie or win the game by getting the ball back at the end. If it happens to work out and Dobson catches the ball then everything's gravy anyway, and we all know he should have caught the ball.
In that situation with 3 timeouts + the 2 min warning, I absolutely agreed with going for it. In the Colts game on 4th and 2 in 2009, I absolutely disagreed. In that case you make Manning drive the length of the field, you don't make it easier for him and put the game on one final play at that point (in my opinion).
I agree with you completely, but then I almost always favor aggression, especially this year when we can put a bit of trust in our D.
In fact, my disagreement was with the inconsistency in aggression Bill showed with his decision to settle for a FG on the previous possession. Within 5 yards, you gotta think conversion rate is at least 50%. While we've seen some anomalous outcomes going for it on fourth this year with bounces and fumbles, 99% of the time your outcome tree is going to be:
A) TD, up by 2 possessions.
B) No good, Saints get the ball on their own 4. Your D has been playing great.
b1) Saints can't get enough yardage, and punt or miss FG.
b2) Saints get in FG range, complete, tie game.
b3) Saints drive the ball 96 yards for a TD. Patriots need a TD to regain the lead.
with the FG (in that range assume 99% completion rate):
A) Saints need 2 FGs to tie.
B) Saints score TD, take lead.
There's arguments for either decision, and maybe it was because Bill did have faith in the D (they almost held too). I just think the upside and expected success rate to going for a 2 possession game outweighed the risks.