I dont really care where he was drafted at. He was always going to be a huge project that took awhile to develop. I know you and others wanted him to be much better quickly but the team did not expect that, they knew he was a long term project. That project got set back even further by injuries.
Exum was those things before, you are talking about stuff from his rookie year when he was just out of high school. But last year he looked good running the offense and was not nervous. He was great in the pick and roll the last 2 years at a very high level. He has shown that he is an elite defender, he is elite at getting to the rim, and can be elite as the ball handler in the pick and roll. He needs to get better at finish (although he started to show this) to be a really good roll player. I think he is already at that level when healthy. If he can start to shoot consistently then I think he is going to be really good. I am not sure if he will pick this up though.
The Front Office isnt just hoping and praying because they dont want to admit they made a mistake. They see the potential in him and really like him as a player going forward. They have expressed frustration over the injuries setting him back but everyone still believes he is going to be good, that is why they are keeping him.