This lengthy article goes quite some distance to explain away the story of how Cortes was seen to be Quetzalcoatl returned; particularly damning is the fact that the link between Cortes and Quetzalcoatl was not made until decades after the conquest.
Today, most educated persons in the United States, Europe, and Latin America are fully versed in this account, as readers of this piece can undoubtedly affirm. In fact, however, there is little evidence that the indigenous people ever seriously believed the newcomers were gods, and there is no meaningful evidence that any story about Quetzalcoatl's returning from the east ever existed before the conquest. A number of scholars of early Mexico are aware of this, but few others are. The cherished narrative is alive and well, and in urgent need of critical attention.
Here's a particularly interesting paragraph from further on in the article:
What, then, were the indigenous thinking? Available evidence indicates that the Aztecs responded to their situation with clear-sighted analysis of the technological differential, rather than by prostrating themselves before the "white gods." As difficult as it is, let us first consider what we know of Moctezuma's thoughts. The version of the king's response that later became popular was the vision of Moctezuma sighing and lapsing into paralyzing depression, but the evidence that we have about the steps taken by Moctezuma indicates that he actually behaved like the experienced twenty-year sovereign he was. All sources agree that, after the first sighting of a Spanish ship in 1517, he had the sea watched from various vantage points. When Cortés and his men landed near today's Vera Cruz and began conversing with the locals, Moctezuma sent court painters to record the numbers of men,"deer," and boats. Even though the Spaniards saw these paintings as quaint, we must keep in mind that Moctezuma moved within a world in which accurate counts concerning distant territories were kept as pictoglyphic records as a matter of course. As the Spanish began their ascent toward Tenochtitlan, Moctezuma organized a veritable war room. "A report of everything that was happening was given and relayed to Moctezuma. Some of the messengers would be arriving as others were leaving ... There was no time when they weren't listening, when reports weren't being given." Cortés also reported that Moctezuma's messengers were present in every town they visited, watching every step they took. Bernal Díaz said by the time the Spaniards got to the capital, the sermon they had given frequently along the way had been repeated so often to Moctezuma that he asked them not to give it again, as the arguments were by now familiar to him. Despite his intelligence and his organizational apparatus, however, Moctezuma still had the problem that his frame of reference was not as wide as that of the Spaniards: Durán's informant said that he called for priests and sages from different parts of the kingdom to consult their libraries and traditions and tell him who these strangers were, but they could find nothing. Only one man said anything useful, describing the power of the Spaniards and mentioning that the first explorers were merely there to scout a route, that others would return.
Take the time to read the whole thing, very interesting...