According to James Mirtle's statistics on From The Rink, it is--in the most important measures, anyway, including the projected points based on the season to date. Ottawa is projected to have the most significant drop in points, with 26 fewer points in the final standings (68, compared to 94 in 2007-08). Ottawa is also projected to have the most significant drop-off in goals against, with 67 fewer goals-for (pro-rated at 191 this season, compared to 258 in 2007-08).
On the bright side, though, goals-against numbers are significantly better. Ottawa's projection is to have 37 fewer goals-against this season compared to last season, which is fifth-largest improvement in the league (behind only Minnesota, Los Angeles, Boston, and Tampa Bay).
And goaltending has been much stronger, as well; thank you, Alex Auld. Ottawa's save percentage is setting up for a 1.47 per cent improvement over 2007-08, jumping up from .902 to .916--good for fourth-best in the league.
What does all this mean? Well, given the fact that the season is barely 1/5 over, not a lot. Not a lot at all. But it's still interesting to look into.