One thing interesting about the cap. It really has allowed a lot of teams to become suddenly very competitive.
Take the Thrashers. Peter Bondra is supposedly thinking of hooking up with them (login info.). They have quite a nice set of forwards, from Dany Heatley to Bobby Holik to Ilya Kovalchuk. Bondra would be a real coup. The team could use an upgrade of defensemen, and goalie Pasi Nurminen definitely needs a solid backup, but if they get Bondra, the makeup of the team is very, very different from the end of their last season.
I’m not sure they could have made those kinds of changes without the cap.