Another thing that I'd like to add - if this draft is going to be so crappy, next year's should be pretty dang good, no? If the Bobcats trade away their veteran talent for cap space, the team would probably look to use the season to focus on developing young talent. Obviously, this would mean the Bobcats could have a pretty rough season. But with that could come a nice draft pick and the opportunity to draft the scorer (and probably the star) the team needs.
And don't forget we have the Blazers' pick next year too. Not all is lost for the future. But the NBA still needs to work out that whole CBA situation, too.
EDIT: We have the Blazers' 2013 pick, not 2012, as I thought.