Just to expand on the above:
What I'd like to see is a very solid defense core (we are essentially there now, or at least very close). Murray (the GM) has set us up so that we should be defensively stable (barring a repeat of last year's disaster) for years to come, with elements of speed, size, and physicality. What we may be lacking is a degree of leadership long-term; Smith may be the one to fill the role for now. Later, maybe Phillips? Volchenkov?
Then we need to get a top ten goalie. You don't need a superstar, just a little more than competent. He should be able to make the first stop, and the second, most of the time. There shouldn't be a second, if all goes well defensively. This is where Ottawa has consistently fallen flat. This is where I see our most effective next move in terms of a trade (not necessarily our next move, but our most effective move). The problem is that the only one out there is Khabibulin, unless B. Murray can engineer another miracle, and snag K. Lehtonen (get the first also, and I'll nominate him for Sainthood...)
The forwards are, IMHO, the last piece of the puzzle. Any change at this point is likely to have incrementally less impact. Ottawa was already the second-highest scoring team (highest, if you ignore the stupidities of shootout statistics.) And this during a year where we crapped the bed through half the season. Our bottom six were among the best defensive forwards talent-wise in the league last year, and we have only improved the group this year. We did lose Stillman and Eaves, but now have room for Foligno, Bass, Winchester, etc.
Now consider that some of the younger players may be in the final or penultimate year of their entry-level contracts. In particular, the two Russians are in their final year. If they don't play with the big boys, they may leave and never come back.
Is the upgrade to G. Murray worth $2M, considering who he would displace, and the possibility that the displaced player would possibly be lost to the organization? I would suggest that the money could better be spent elsewhere.