It all depends on whether you see the glass as half-full or half-empty.

Based on expectations before the NBA playoffs, New Jersey’s four-game meltdown against the Heat is a crushing disappointment. The Nets had entered the series on a 15-4 roll and were getting Richard Jefferson back for the playoffs, while their opponent’s best player – Shaquille O’Neal – was hurting. That had some folks thinking upset. Instead, yesterday’s 110-97 defeat hammered the final nail into the Nets’ coffin.

On a brighter note, the Nets were a staggering success considering how desperate things seemed at the start of the season. After winning three straight Atlantic Division titles, New Jersey traded Kenyon Martin to Denver in an off-season salary purge that also exiled old hands Kerry Kittles, Lucious Harris, and Rodney Rogers. The Nets became so miserly under new owner Bruce Ratner that they even sold their first-round draft pick to Portland. With no money to spend, the team built its roster around cast-offs like Rodney Buford, Jacque Vaughn, and Ron Mercer, and looked headed toward the lottery.

Yet despite the trashing of the roster, losing Jason Kidd for 16 games, and Jefferson for another 49, New Jersey scratched out a winning record and a playoff berth. You could have made quite a handsome sum of money betting on that outcome at the start of the year.

Obviously, the Vince Carter trade was the biggest catalyst – he was the best player in the league over the season’s final six weeks – but let’s not overlook the other key player in this: coach Lawrence Frank. At times, it seemed he was the only person who thought this team had a chance of avoiding the lottery. His preparation and intensity help explain how a team that was last in the league in blocked shots could rank seventh in Defensive Efficiency, my measure of points allowed per 100 possessions.

Fortunately, Frank will have a lot more talent at his disposal next season, because Ratner’s slash-and-burn approach to the payroll was a one-year fix to get him under the luxury tax, not a long-term approach. Ratner shelled out for a six-year extension for Jefferson, approved the addition of Carter’s maximum contract, and even splurged on a $24 million extension for Jason Collins.

The same nucleus will return in the fall, and, based on how they finished the season, the Nets should be one of the toughest teams in the East come 2006. Kidd, Carter, and Jefferson form the best perimeter trio in the league, while Nenad Krstic is a rising force up front as a 7-footer with a feathery shooting touch. Only Collins will have the Nets eyeing an upgrade, as his talents at defending the post don’t make up for his offensive ineptitude.

Plus, the Nets should be able to upgrade the roster this off-season, which is a necessity considering their moribund bench. New Jersey has the 15th overall pick in the draft and a midlevel exception, and General Manager Rod Thorn needs to nail both of them to get New Jersey back to the finals. One of those new players needs to be a big man, which could be problematic. Both the free-agent market and the draft class are weak in quality big men, so unless Thorn has a diamond in the rough whom other GMs haven’t discovered, he may have to trade his way to a quality big man. That’s doubly important since Clifford Robinson probably won’t be back – he has an option year at over $5 million that the Nets are unlikely to pick up.

The Nets face other decisions, as well. Backup point guard could be a concern, as Travis Best is a free agent and Jacque Vaughn is strictly an end-of-the-bench type on a contending team. On the wings, Zoran Planinic showed signs of being an offensive spark in his second season before injuries slowed his progress, so he should make an adequate sub for Carter and Jefferson. Brian Scalabrine also remains in the picture, although one hopes he won’t start anymore.

While the Nets should return to contender status, the playoff sweep is a bad omen, because they’ll probably have to go through the Heat again in future seasons. They may have been happy just to be in the playoffs, but the Nets’ star triumvirate of Kidd, Carter, and Jefferson got schooled by Miami’s perimeter players. While the Nets didn’t have a frontcourt force to match O’Neal, a thigh injury stemmed his usual torrent of points. In fact, Shaq was the worst player on the floor in the first half yesterday, going scoreless while committing several sloppy turnovers.

Miami’s backcourt more than made up for Shaq’s sluggishness. Perimeter players scored the Heat’s first 39 points of Game 4,and it wasn’t until 3:58 remained in the first half that a Miami big man found the basket. Dwyane Wade inflicted most of the damage: Miami’s electric guard became just the seventh player in NBA history to average 25 points, eight rebounds, eight assists, and 50% shooting in a playoff series, finishing the Nets off with 28 points yesterday.

Meanwhile, the high-flying Carter was grounded by Miami’s Eddie Jones – an event that no longer raises eyebrows. Including the regular season, Carter hit a paltry 35% from the floor in his eight contests against Miami. Stan Van Gundy’s club has figured out how to take away the open jumpers and bottle up his drives to the basket, and Carter and the Nets never came up with an alternate route.

So while it’s possible that New Jersey could have as much talent as any team in the East next year, they still have one major obstacle in their way. The Nets played seven games against Miami and only one of them was close. Even with their best player hobbled, the Heat disposed of the Nets in this series with alarming ease. Somehow, New Jersey has to solve the Miami riddle.

On the other hand, while this unfulfilling series leaves some lingering doubt about what the Nets can accomplish next season, let’s think back to November. The desperation Nets fans felt then – not the recent four-game whitewash – should be the real measuring stick of this season’s progress. Half-full or half-empty, we can all raise our glasses and drink to that.