It looks as if the Union is preparing to cave on this issue (if I were a player, I would want a MUCH better representive than Hunter -- what an idiot!).
In a world of troubled economy, I think the NBA (i.e. management and players) are smart enough to see that Hockey has just shot itself in the head (duh, an organization that is hurting BIG TIME financially squables over greed) and may never recover) and they aren't looking to see that happen to the NBA. In a time when most fans struggle with the cost of tickets, the NBA and it's players don't to hurt their image more than it already has been (i.e. "my children have to eat").
But I find it quite interesting that the Union is willing to cave on the age issue when they have LeBron James as a their current posterchild for the issue.
Stern has done a great job with reigning in salary contracts. While there are a few clubs that have made some really stupid signings and contracts, I think Stern has been able to limit the ceiling fairly effectively through the salary cap.
I REALLY would like to see them add a length cap to contracts as well (4 or 5 years) -- this would also keep players from being locked up to longterm deals that, in many cases, they aren't able to play out (at least to the ability of their contract price). Face it, the free market system doesn't work in the NBA -- as long as there is an option for a longterm contract -- there are really stupid GM's willing to make the idiotic kind of deals (see Allan Houston, etc.). And while many would argue "it's their choice to be stupid if they want to be" -- it also hurts the overall product of the NBA, IMO.