He's just a strongly patient GM; of course we're still a treadmill team. Everyone was expecting a long term rebuild. He's set us up with great flexibility. The only things he's really done so far have set us up very well; he got 2Pat (and in a roundabout way, Lou), took a flier on Greivis that didn't pan out, and got rid of Gay. He got us actual high-value assets for Bargnani, which was miraculous. And he got us James Johnson.
It's not like he strongly changed the direction of the team. Demar, Lowry, JV, Ross, Casey and co are all still holdovers from BC. He's just slower-working and more patient than the majority of GMs, so yeah, it makes sense we're still a treadmill team.
Like you said, time is coming to see what Masai is made of, but he's never really done anything at all to make us doubt him; even his worst moves (Casey extension and Greivis) have had out-plans (Greivis' expiring contract will be a trade chip next year, Casey can be fired at minimal cost).