I'm going to say Charlotte. I don't think Jordan's watched a game in two years, that's the only explanation as to why he wanted to deal for Raja Bell.
Phoenix is tough; the owner's a tightwad, which makes some of the moves more difficult to judge. They haven't had much of an inflow of young talent since ownership has sold off so many of their draft picks (think they'd like to have the Rondo pick back?). They've signed old players, but they haven't committed many dollars to guys like Hill and they were really signed for their virtues in the uptempo/defense-is-optional game.
They're also clearly a team in transition; they weren't going to win (or so Kerr judged) with D'Antoni-ball, so now they've tried to become a more traditional squad. Marion also pushed them into a corner - they HAD to trade him, and given Shaq's improved play this year, that seems to have not been as bad a trade as it appeared a year ago.
The transition wasn't going to happen in a year.
I'm not saying that they've done a GOOD job (by the time they bring in the right players to help on D, Shaq and Nash are going to be even more run-down), but at least you can see a direction. Charlotte, on the other hand... what the hell are they doing? They have an interesting, young team so they bring in a coach that hates young players and start trading for medicore veterans. The guys they're bringing in (Bell, Diop) are bench players, and now they've lost a lot of their youth. I just don't think they know where they're going.