Saying that the 2011 free agency period was a frenzy would be an understatement equivalent to "The Beatles were good," "Arizona is hot," or "this is a very long opening sentence to a slideshow."
Either way, every team had plenty of time to prepare due to the lockout. However, when the doors opened, and the free agency extravaganza began, more than a few teams didn't make the most of their opportunity.
Some teams wouldn't open their checkbooks, some brought in questionable "talent," and some balked at signing their targets and missed out dearly.
We don't know for sure just how much these errors will affect these teams, but for now, we can examine the little sense they make in the short term.