The team's sure been playing like about a 7 seed, haven't they? Beating some of the league's dregs, but not quite able to get over the hump against any of the better teams. It's kind of what I expected to see this year; they're warriors, so they aren't going to give up or tank, but they simply are not one of the three best teams in the conference any more and they don't look likely to get very deep in the playoffs. They'll get some wins, they'll look better as Pierce and Pietrus round into shape, but it's hard for me to see what they can do to get significantly better by year-end.
With that said, I don't want to see them tank. There's still enough talent where they aren't going to get a real high pick, anyway. But, I don't want them to make desperate trades to shore up the bench, nothing that's going to sacrifice young players or draft picks. Don't trade JJJ (or even AB) for a veteran guy to give bench scoring. I don't see this as being a season where the young guys are going to get too much of an opportunity to play, but we're got to start rebuilding somewhere, rebuilding at least some potential future assets.
So, I think they'll make the playoffs, but I don't think they'll go far, and the core of the team isn't good enough to justify sacrificing any more young/picks.
EDIT: I also think we're seeing that it's not worth signing Ray Allen to an extension. Love Ray Allen, he's probably been the team's MVP so far this year, and I have no doubt he'll be contributing SOMEWHERE for at least a few more seasons - but it's time to start rebuilding with some youth. Don't sacrifice the cap space.