Nocioni actually has a decreasing contract that goes like this the next four years:
$8,000,000 $7,500,000 $6,850,000 $6,650,000
So, it isn't quite so bad as it will be under $7 million in the "cap space" years.
And, as you mention, everyone and their grandmother is trying to clear space for 2010, when in reality the vast majority of those attractive names will resign with their original teams, many of them before the summer even hits. It's good to have flexibility in your future salary structure, but true cap space can be overrated. You still have to be fortunate to actually pull off a marquee acquisition. A lot of teams have parted out their rosters and end up twiddling their thumbs and eventually refill that space by retaining their own and/or adding middling talent. If you have an opportunity to add a talented young piece, while still retaining reasonable future cap flexibility, it may be worth sacrificing some of that room.