The fact that they're sitting and learning means that they aren't as good right now. In other words, the guys Iowa players are playing against now are better than the guys Iowa players will be playing in two years when those same Iowa players have 2 more years experience. Put another way, Iowa may be struggling now, but they will be competitive again soon.
Not only will Payne, Gatens, May and Fuller be very solid Big Ten starters, but Iowa will be developing their younger players and grooming them to take over as upperclassmen graduate. That's the way it's supposed to work. Cully Payne and Eric May should not be thrown into the fire the way they have been. They should be learning the system from upperclassmen, earning their playing time slowly as they prove themselves in practice, and not be relied on as core players and leaders of the team as true freshman. Payne and May aren't one and done type players.
Lick is almost finished building the foundation. Starting in the 2011-2012 season, I think Iowa will be back to consistently making the NCAAs and competing for Big Ten championships.
Nobody expected Iowa to make the NCAAs this year and that's not because of Iowa's coach. The cupboard was bare, it may be taking a little longer than some would've hoped but when you do things the right way, sometime it takes a little more time. (See e.g., Kirk Ferentz).