Peja is a great shooter...and never once in the history of the NBA has that been enough (and let's not even go to Bird, who was only one of the 5 or so best all around players in the history of the game and threw in a nasty turnaround post game as well). Great shooters are support players, not #1 stars. And its precisely because they CAN'T create and force the action. They can be stopped. They are dependant on both their teammates and the opposing team's defense. You can NOT have your primary weapon be a shooter who can be taken away without a constant double team. Well you can, but you'll never win anything that way. Your #1 guy has to be able to attack, to force the action, to beat his man one on one, to be unstoppable. Then if you want to have a shooter to support and pour in points off of open looks as a support guy, fine. Peja might be able to win a championship as Shaq's wingman. But until and unless Peja develops the ability to beat his man one on one (highly unlikely) or a strong post move (possible if he gave a damn) Shaq is a #1 option, Peja a #2, and we aren't going anywhere until we get back a player able to truly play the #1.
Shooting is pretty. Its also fool's gold. Its a useful trait, but not a dominant one without a complete game.