Regarding the hard cap, as I already said I doubt that they will implement it.
Regarding whether or not it SHOULD be in place, I am totally, 100% against it. Maybe make the luxury tax more significant, maybe make hard limits on how many max players a team can sign, or make bird rights non-tradable.
It's one thing on the NFL, when you necessarily have a bunch of role players you can play around with to maintain a good core. But in the NBA, a hard cap will mean that teams that draft well will be punished and forced to blow up their teams. I mean, there is a reason the exception is called the "Bird exception." Can you imagine if the celtics and the lakers had to blow up their teams midway through the 80s?
Besides, even the NFL's "hard cap" is not that hard, with all the teams playing around with the whole "likely compensation" thing that can be included in the cap one year to allow the team to go over the cap the next.