Couldn't it be argued that a division that is more evenly matched would be harder to run away and rack up points ala Vancouver, not to say they don't have a great team this season. The south east is a push over this season but still think that a caps team can match up and beat any one in the NHL on a good night.
I get what you're saying, and yes, teams within an evenly matched division could be expected to basically cancel each other out in intradivision play. But being evenly matched doesn't mean that those teams are necessarily good. Teams in a good division should have a pretty good record outside that division, which is what would put them in the upper tier of the conference standings.
By the way, one stat I use to help figure out which teams are truly good is the goal differential stat. While a couple of blowouts either way can skew that short term, over the long term I think it shows the total quality of a team outside of simple wins and losses.
2011-2012 Division Standings Standings - NHL.com - Standings
The Southeast is the only division where every team has a negative goal differential, with the Jets "leading" the division with -11. That tells me that while the divison may be evenly matched, it's not evenly matched with very good teams.
I don't watch a ton of Caps games, so maybe it's more obvious to Caps fans than it is to me, but I have no idea why the Caps are as bad as they are this year. My only guess would be lack of discipline or possibly lacking enthusiasm and work ethic, for whatever reason.