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Nice jumping off point, Matt. 
But, what I see is a NEARLY PERFECTLY run organization hitting the nearly inevitable reality of SUCCESSFULLY developing scrubs.  Heck, almost half the list of Civics are guys the club developed as Scrubs.  This isn't the result of a poorly run organization -- this is the reality for the BEST RUN organizations in the current MLB economic paradigm.  They didn't "build" a Civics lineup -- they actually built a Stars & Scrubs lineup -- but the Stars are aging out -- and the Scrubs have developed into Civics.  Age happens.
That said ... they have *ONE* truly hurtful salary - GMJ.  He's the one "Silva-esque" gaffe that this club has made in the past 5 years.  They snagged Vlad at the perfect career time, and now is the perfect time to cut ties.  Hunter's contract almost HAS to be seen in the same light as Ichiro's, though Hunter is a couple years younger. 
The myopic view of the Angels says they are in trouble.  A more measured assessment, (IMO), is that they are in TRANSITION.  They have already shown an ability to develop productive scrubs and turn them into Civics ... and done so repeatedly.  Their main empty slot on the offensive side for 2010 is DH, where Vlad posted a 106 OPS+ in 100 games.  They had 10 players who bested 100 OPS+.  Five are still under 30.  If they can produce a scrub OF who can post a 100 OPS+, they could repeat or even improve on their #2 run production ranking of 2009. 
The big danger of Hot Stove season is that the fans and pundits get monofocused on free agents, as if they are the only solution to every problem.  I don't know if Sean Rodriguez is going to be the next scrub to come out of the LA org to thwart the dreams of Mariner fans.  But, truthfully, the Angels having already shown the ability to develop hitters AND pitchers, are likely in a better position to improve w/o spending a dime than 90% of the teams out there. 
But, compare them to Seattle.
Anaheim had 10 guys post 100+ OPS+ values in 2009, with 5 still under age 30 for 2010.
Seattle had 5 players post 100+ OPS+ valued in 2009, and only 2 were under the age of 33. 
Before booking the Dixieland band for the wake, one needs to remember that many were predicting their imminent demise when they failed to retain Tex.  Who was their best hitter in 2009.  It wasn't Hunter, or Vlad, or Abreu.  It was Kendry Morales who posted a 137 OPS+. 
The sign of a great org?  It seems like every year or two they get another Chipper, or Andruw, or Javy or Furcal ... that just keep showing up, despite drafting waaaay later than the juicy top 5 (or 10) slots in the draft. 
I can appreciate the optimists view ... wanting to see chinks in the armor of the enemy.  But the Angels are NOT the 2003 Ms.  Not even close.