Random list of thoughts:
I have loved Hextall's moves because they show his patience. Philly is a rough town. People say they want to rebuild and then jump at the next free agent. It seems most of the bad signings are UFA signings when the competition is at it's peak for the player's services, and often, it ends up biting the team in the end, like MacDonald's contract is doing to us right now.
The only way to win consistently in a cap world is to maintain cap flexibility (or be really bad for a while and get supercharged picks and win before they demand too much money (which doesn't always work)).
Not buying any substantial UFA and not trading away picks and prospects at the trade deadline are arguably the best things Hextall has done (well, and along with getting rid of cap-sucking players that he inherited).
In order for a team to compete, they need defense. Acquiring #1 d-men through trade or signing is almost impossible (Subban for Weber was a #1 for a #1). So logic says you have to draft one. No team in the past decade has won the Cup without a serious #1 d-man. The Canes (2006) did it by committee with no #1. But since then Anaheim (2007) had Pronger and Niedermayer, Detroit (2008) had Lidstrom, Pens (2009) had supercharged once in a lifetime offense along with Letang, Chicago (2010, 13, 15) has Keith, Boston (2011) has Chara, LA (2012, 14) has Doughty, and Pens (2016) have Letang, who should have received Norris consideration.
Logic suggests the only way for the Flyers to contend is to have a #1 d-man. There is no player the Flyers can realistically acquire that will be this player, so we have to hope one of our prospects becomes a real #1 D-man.
All of these thoughts to suggest that Hextall worrying about defense first and shedding cap is the way to build a long term contender. I agree, it is disconcerting that our best offensive players will be in their 30s when our D matures (should our D actually pan out), but I think Hextall is doing what it takes to make us long-term contenders. It might not work, but he is going through the proper process.
Totally agree but would add that after he used premium picks on D he focused on building our goaltending pipeline and bottom six pipeline. Really whats left is to make LV very competitive (hopefully this year) for the young guys and somehow continue to be patient because the D will take a few years to become battle hardened.