Since the Webber trade. I don't think there's any great shame in trying to remain competitive while you're trying to juggle a rebuilding project, and I don't think it's easy on the other hand to just completely dismantle your team and start from scratch.
At the tail end of the Kings' championship window, there were a lot of decisions made to try and win in the present at the expense of the future, such as the decision to get Peeler on his terms, trading draft picks to stay under the cap, and holding onto veterans as they entered their decline. The Webber trade marked the beginning of the rebuild.
The Kings were inevitably going to pay a big price for the aging of that core group, not to mention the price we continue to pay for the premature aging/sucking of Peja, Bibby and Miller. Now, you can take an atom bomb to the roster, but even assuming you can find the right expirings/picks, when you do that it takes years and years and years to reemerge. Look at the Bulls and Hawks, for instance.
There's a very tricky balance between trying to maintain some talent so you can bounce back vs. letting all that talent go and starting completely from scratch. I'm much more of a proponent of the maintain talent, suck for a year or two and bounce back model than I am the nuclear option. The bounce-back model worked for San Antonio, Miami, Phoenix, Utah and others, whereas the nuclear model is only beginning to work for Chicago after 9 years. Sure, it's frustrating to be mediocre since you're missing out on a top pick, but looking at it another way, at least this team has some assets, which provides more opportunity for the bounce-back happening in the near term rather than years and years in the future while you wait for your young talent to pan out.
We're all unhappy with the state of the franchise, but very few of the moves that have been made since the Webber trade were bad on their face. I don't think the franchise has suffered due to a lack of vision, except possibly the deluded decisions this season, such as the Maloofs firing Muss and shooting down trades. The only thing you can really question are the deals that didn't happen, but judging from the ones that have been leaked, such as Bibby for Cleveland's crap, I'm willing to give the front office the benefit of the doubt, because patience can be a big virtue even if it pisses your fans off.
This is the normal life cycle of an NBA franchise, and while I would have been extremely happy if Tankapalooza 2007 had started much, much earlier, we're in a decent spot in terms of having some assets, a good pick and hopefully some financial flexibility. No franchise was built in a day, and I'm hopeful this offseason will mark a turning point toward things getting better.