First of all, breakdowns for the current players:
http://www.kingsfans.com/forums/forumdisplay.php?23-Scouting-Reports
As for the history, in brief:
The Kings are an old old franchise that started out as the Rochester Royals back in the 50s. They started bouncing around from city to city and in 1985 a Sacramento developer named Greg Lukenbill bought controlling interest and moved the team from Kansas City to Sacramento, where they've been ever since.
For the first 15 years in Sacramento the Kings were basically bad every year, only made the playoffs twice in those years (eliminated in the first round both times) and never had a winning record in the entire time. Yet the fans remained crazy about them, and for year after year, whetehr they won 20 games or 30, they would always pack the house and make tons of noise. The best players form this era were probably Reggie Theus (who came back to give it a shot as coach a few years back) and Otis Thorpe in the 80s, and Mitch Richmond, who was pretty much the franchise player in the 90s.
In 1999 the Maloof family bought the team. The Maloofs are originally from New Mexico, but now their largest business is the casino industry in Vegas. Their father (deceased) used to own the Houston Rockets back in the 70s, and the sons (all currently in late 40s/early 50s I think) wanted to get back into the NBA, and so bought the Kings.
The purchase by the Maloofs coincided with the beginning of the franchise's "golden age". They had a lot of money at the time and really opened the wallets. Current GM Geoff Petrei was already with the team when they took over, but once they took the money constraints off he suddenly had a great run of 3-4 years where he did everything right and put together a championship caliber team. Key players were Chris Webber, Vlade Divac, Peja Stoakovic, Doug Christie, Mike Bibby, Jason Williams, Bobby Jackson, Hedo Turkoglu, Scot Pollard, and Rick Adelman as coach (now the coach of the Rockets). If you haven't heard about their rise and fall and the controversy about their close calls with a title and battles with the Lakers, just type in the search terms "Game 6" and "Kings vs Lakers" in google. That team won 50+ games for 5 straight seasons and was one of the best passing teams in NBA history, and became extremely popular around the world. It utilized a variety of the Princeton offense, and unlike the various pretenders to the claim, actually had the inventer of the Princeton, Pete Carrill, sitting over on the bench as an assistant coach -- GM Petrie, a former NBA star, had gone to Princeton and played for Carril, and brought him onboard after he (Carril) retired as Princeton's head coach.
The golden era abruptly ended when Webber suffered a disastrous knee injury in the 2003 playoffs which ended up requiring microfracture surgery. He was never the same, nor was the team. Worse, various egos, a souring public led by some real animosity from the local paper, and most importantly of all, a huge arena issue that has brought out all kinds of hate eroded the team's popularity (and is by far the biggest current threat to the Sacramento franchise -- the city and citizens can't/won't seem to get it built and the arena is just about the oldest in the NBA), and led to its breakup. And the front office, whether it be the Maloofs or Petrie, embarked on a long, futile, and soul sapping strategy of trying to hang on as a fringe playoff team, bringing in various middling vets, switching through various coaches, and putting together a series of seriously boring teams that played no defense and had no toughness or charisma. All of it really killed the fanbase, and the product on the floor kept on getting worse until a 17 win disaster two seasons ago. The best player from that era was Kevin Martin (now in Houston) who's departure may or may not be lamented depending on which corner of the fanbase you poll.
Then abruptly, and probably as a result of the awful year, a radically new approach was taken as of last year. The rebuild was fully committed to, and an entirely different breed of player was player was sought. Youth and toughness, and its revived the franchise. Webber and Divac also had their numbers retired last year which helped bring the fanbase together. Now we are clearly on the way up and have one of the league's youngest and biggest teams. Good time to come on board.