My main fear of tanking is building a culture of losing. It's one thing to try hard and fail. You learn from that. It's quite another to throw up your hands and give up for the outside hope of a draft pick savior. It creates a culture of ambivalence that can take a decade to recover from. I don't think the Devils can afford a decade of failure. Not to be mean, but I don't think our fanbase can support it.
Besides, the team's drafting record hasn't been exactly sparkling as of late. Sure, it's hard to predict talent when you're drafting in the mid-twenties and a high draft pick in a good year could mean a slam dunk NHL'er, but it's not a guaranteed fix.
The main issue we're all realizing is this team is painfully mediocre, which (as somebody else said) is a difficult position to be in. Not good enough to be a Cup contender, not bad enough to rebuild with low risk / high reward studs.
As of right now, you have play the cards you're dealt. We all knew if this team had a few injuries, this would be an ugly season. It's not horrifying yet and PDB will fall on the sword as a shake up (if things don't turn around by December. He'll get the Johnny Mac leash) but it won't be the answer. Lemaire isn't waiting by the phone this time around.
The best they can do is bust their butt every night and hope our division is average enough to sneak in. If we get in, all bets are off. Anything can happen. With this talent pool, there's no quick fix. I don't feel tanking isn't the answer. It's an emotional "screw these guys" reaction...very fair and understandable but not prudent (again, in my opinion).