Think of the recent fiasco at the Olympics. Did the US team(?) even win a medal. Easily the best talent, easily a disappointing team. I think this relates to the hip-hop culture.
I think that you underrate the 'talent' of the European players. Why is it that we consider a big man that posesses an accurate jumper from the perimeter (think Larry Byrd) as remarkable here in the States. The Europeans Leagues are loaded with them.
The problem with the NBA is that the courts have destroyed the feeder system. The really good high school talent is already looking at the NBA, either directly or after getting a cup of coffee in college. They are missing 3 - 4 years of development.