When loyal company man Edwards was compelled to say “Stevie Wonder could have made a better tire selection than Michelin”, you know they've blundered badly. In the weeks leading up to July 20, 2008, the average high was 65F and on race day it was 62F -- a company that can't deal with a 3 degree difference is one that shouldn't be supplying tires.
Where you a fan before 2008? 2006 was blazing hot and the track had just gotten a shoddy resurface. IIRC they resurfaced again in 2007 and Michelin guessed wrong regarding compounds which caused an embarrassing race result, public derision from the riders, and it was unsafe to boot. In 2008 they only offered hard compound tires, and when the heat didn't materialize, they were left with a shortage of decent tires for the race.
It was serious debacle that made Michelin look incompetent, but it had everything to do with extenuating circumstances, rules changes, and Michelin's compounds which were designed to work well in a very narrow window of conditions.