The mens basketball team is certainly lacking in star power. The guys who played on the qualifying team would have breezed through the olympics. But, guys like Ray Allen, Vince Carter, Tracy McGrady and the like decided not to play on the team because of various reasons. Ray Allen is expecting a baby, but most of the others sited security concerns as why they weren't going. Those guys would have eaten up the short 3 point line, but the guys left really can't shoot the jumper with any consistency.
While Lebron James, Shawn Marion, Amare Stoudamire and those guys are very good NBA players they are not really good international players. International basketball puts a premium on jump shooting as the generally pack in the zone and dare you to shoot from the outside. Most of the guys on the current team are "slashers". They are best when they drive to the basket and draw a foul or make a layup or dunk. Olympic teams gather under the rim and draw charging fouls.
They also seem to be (understandably) upset and confused by the officiating. What is a foul in the NBA is often not called in the olympics. There is also a general disdain for americans as a whole around the world and the referees in these games seem to share in that disdain. Guys are getting almost tackled to prevent a runaway basket and the referees just swallow their whistle. But then they call touch fouls on the USA team when they don't even touch them.
It is a tough road to run, but I still think they can pull out a gold medal. You have to remember that these other teams play together for years, but our guys have played together for a month or so. They will get to know each other better and they will get to know the international game better also. I just hope it happens soon enough.