Does the arena situation have an affect on my enthusiasm? No, because I love basketball, love the Kings, and love rooting for/following the players. It's not the players fault this arena deal might not get done, and connecting the actual team to the arena situation would be a mistake IMO. It would be similar to if we didn't like the ownership, such as what happened at Liverpool FC with fan protests. Would protesting the ownership by not going to watch the team be fair to the players? No way. If you like the team and the players, show up. It's that simple. It's not fair to the players not to rally behind the team because of something thats not in their control.
That being said, I live in the Bay Area, so the arena deal wouldn't affect me as much as season ticket holders in the Sac area. I go to 5-10 games per year, the 2 in Oakland and another handful of games at Arco. But I'm a Kings wether or not they play in Sac or in China, and I'm so used to following from a distance using internet/league pass/radio that it wouldn't have an impact on my loyalty to the team.
I would be sad to see the Kings relocate mostly because of the history the franchise shares with the city. But if the city as a whole doesn't realize how important that bond is, then the Maloofs will walk, and deservingly so. Sure the economy had had an effect on ticket sales, but the team leaving will have a larger negative impact on the region. Tickets seem to be more affordable this year, especially with the single season ticket package for $410. I really hope it's not a case thise year of fans having the money for tickets, but not going because they're afraid the team might move. If that's the case, those aren't true fans. Some times as a fan you have to take a more active role, and if the fans show up and the attendance numbers rise, I don't see the Maloofs moving. Yet, a 1/2 empty arena is another reason to move. The fans have some power here, and it's up to them to realize that power.
If I was a betting man, I would say the Kings will stay, no matter what to options look like right now. Personally, I see the Maloofs waiting it out for another 2-3 years, and as the team gets back to the playoffs, the sellouts will come and the excitement will return. Right now the relocation fee might be too much to make moving the team a smart decision, as well as the fact the Kings would have to try to connect with a new fanbase in a new city which doesn't share the same history. The Maloofs know how great Sac can be from a business perspective when the team is doing well, and it is somewhat of a risk to expect to build that kind of a relationship in another city. I do think when this team starts winning and the arena starts filling up, something will get done on the arena front. The excitement generated should help push something through. Although I don't agree that that's what it should take, and I feel the Kings should stay regardless, I see them staying in the end.