I personally think McLellan has done a great job with what he's been given to work with. Chiarelli has stuck to the gameplan he laid out when he took the helm. The first half of this season is for evaluation. He is not in a rush to spend our forward assets just to plug our D-line enough to MAYBE squeak into the playoffs just to get smashed by a deeper team.
McLellan and Chiairelli are smart hockey guys. They know what we need, and I think their track records have shown they can evaluate talent. Not only have they had to deal with the league lead in man-games lost, but also the league lead, by a wide margin, in man-games lost adjusted for player impact factor (ie. Eberle missed game weighted higher than Klink missed game). There is no point making a rushed trade to plug an injury hole if it means compromsing the longterm goal of building a cup contender. Assets like RNH, Eberle, Yak etc are not and should not be spent until Chiarelli is getting the deal he wants.
McLellan has not had a healthy lineup to put out there to see where we really stack up. I think the time between now and trade deadline will be the most crucial time to really evaluate this team, when most of our lineup is healthy (knock on wood!).
And I personally think we will make only minor deals at the deadline, unless he can snag a top-pairing D from a team out of the playoff picture. No playoff team will part with a top-D before the end of the season. The real moves, imo, will come in the off-season. I think that's when Chia will make some blockbuster deals, and then next season we can see what McLellan can do with a more balanced roster.