First, of all Gabe Pruitt, no matter where you see him on the spectrum, is replaceable. I'm not sure there's anyone out there who think 3 years from now that if he's not on this team we're going to be kicking ourselves as Pruitt leads the Charlotte Bobcats to the NBA title. Thus, while it may be the plan that "he comes into his own" as the backup PG of the team, we probably could find someone with skills comparable to Pruitt's on the FA market this summer for roughly the same cost.
Second, I disagree with Edgar that there are 4 players more worthy of being cut over Pruitt. While I agree that Pruitt probably has more use over Walker and Giddens, both have guaranteed deals for next year. Thus, it'll cost the C's twice as much to cut one of them as it will to cut Pruitt. I also disagree about Tony Allen. While I don't particularly like Allen, his defensive prowess makes him more valuable than Pruitt. The only player I'd cut before Pruitt would be POB and possibly Cassell, but only if we were to bring in Marbury or another real PG.
Ultimately, I think Cassell starts to get some play, and regardless of whether he pans out, I think once the playoffs roll around it's going to be Cassell or House and Tony Allen who make the 8-9 man rotation. While some people have visions of Pruitt taking Allen's place, let's keep in mind that Tony Allen for all of his flaws is the only player on the bench who can stick with the likes of Joe Johnson, LeBron James, and Kobe Bryant.