In my experience from living in Russia (and doing research in the archives there), Russian support for Putin tends to be - understandably - based on how unstable people think the country would be without him, and as ich says, this means they are willing to tolerate a lot more than the average person over here would.
Personally, I'm not sure I agree with that sentiment - Putin began his tenure as president as essentially a puppet of interest groups interested in generating a less chaotic environment to enrich themselves than that which prevailed in the '90s (Vladimir Gel'man calls this "the barbecue agreement", struck in summer of 2001). Putin's personal power and image has grown considerably since then, but this bargain is still the core of his presidency.
Consequently, yes, the country is probably a better place to live than it was in the hellish 1990s - but it loses eye-watering sums of money to corruption, political opponents are roughed up at best or murdered at worst (last year alone was one of the worst years since the fall of the USSR for political violence in Russia - all directed at the opposition), and the constitution is all but a dead letter. Furthermore, nobody knows what is going to happen when Putin leaves office - a question which everybody seems to prefer to ignore.
I too would prefer Russia to be governed according to its constitution and by the rule of law rather than by personal networks of corruption. I think that would be much better for Russians, who richly deserve a well-governed country. Maybe someday it will.