The Caps have a great situation in regards to their farm system. I don't get where you could rip it? They've parlayed poor seasons in '01-'02 and '03-'04 into quite a few good-very good prospects and a few great ones.
We've got a decent young core to build around in:
Halpern, Pettinger, Semin, Zubrus and possibly Willsie as forwards. The defense is utter cr@p other than Witt admittedly, and we've got Kolzig who'll be nice if we keep him around or good value for a potential trade.
But down on the farm we have Ouellett, Daigenault, and Stana in goal, and at minimum two of the three should be solid-very good at the NHL based on current returns. On the defensive end there isn't a lot, only the injury prone Yonkman, Cutta, Emminger and Morrisonn all of whom have NHL experience, and in Morrisonn, Emminger and Yonkman three potentially very good defensemen if they can stay healthy. At forward we have Fehr, Aulin, Fleischmann, Klepis, Laich, Johansson and Gordon, and I would be very surprised if more than 2 of these guys fail to make an impact at the next level.
The Caps have a young core already experienced at the NHL level, and a farm system at least 12 deep when it comes to NHL caliber players. Some might not make it, but at least at this time, these guys are generally regarded as NHL Bound. The only knock on them is that outside of the goalies, and Fehr, and possibly Klepis, none of them are considered top drawer elite prospects. Still there is depth and skill in the farm system, youth and skill on the big club, and 5 draft picks in the top 60 of the draft, including 4 in the top 33 overall.
I don't have the most faith in GMGM, but w/this much ammo he may be able to pull off an '02 rather than a '99 when it comes to making his draft picks.
The Caps are a very cr@ppy team right now, but the cupboard is not bear, not in the least, and I think the team did a good job of dealing w/the cost cutting interests of it's owner, and the lack of a loyal paying fan base (though understandable considering the attrocious playoff history, and the recent inconsistent efforts to even make the playoffs since the decline began in '96-'97). The Caps landed six quality prospects w/upside and quite a few draft picks in this year and beyond.