I think you can point to one big factor in the difference between the Eastern & Western Conference -
international players. The East is probably just as good as the West among American-born stars - McGrady, B. Davis, Kidd, Pierce, BILLUPS & Wallace, Iverson, J. O'Neal, Abdur-Rahim, LeBron, Arenas, and Vince Carter match up well against the Americans in the East (excluding the Lakers, who still have Rick Fox).
But add the following:
MEM - Gasol
SAN - Duncan, Ginobili, Parker, Nesterovic, and Turkoglu
UTAH - Lopez, Kirilenko, Arroyo
DEN - Nene
DAL - Nash, Nowitski, Najera
HOU - Yao
Plus Peja & Divac in Sacramento. Seattle has Radmanovic. So every team in the best division in basketball has at least one all-star calibur foreign player, except Minnesota (which still has Olowokandi). The Lakers need 4 Hall of Famers to keep up, while right on their heels is a team with a shooter having an MVP season.
International-wise, the East has Ilgauskas, Kukoc, Okur, and ... ummm ... Magliore ... and ... well, that's about it.
2 of the 25 top-vote getters (10 forwards, 10 guards, 5 centers) in the East are from the rest of the world. 10 in the West are. Take away the 4 HOF Lakers, and nearly 50% of the West's All-Star vote-getters are from elsewhere. And that doesn't even count Kirilenko, a hands-down All-Star. It's not just that the NBA is doing unprecedented promotion of the All-Star game in 17 languages - these guys are excellent team and one-on-one players. 13 of 16 of the International players scoring 10+ ppg are in the West.
I am NOT knocking American-born players. There are still more good Americans playing in the NBA than non-Americans. The best rookies this year, by far, are Americans. Other than Duncan, Ewing, and Olajuwon, none that I know of have truly been dominant in the regular or post seasons. But it's something to keep in mind when looking at East v. West.
P.S. With New Jersey's recent run, they would now be TIED FOR FIFTH in the Midwest, which is good enough for the #7 spot in the West. Second-place Boston would be tied with Seattle for the third-worst record in the West - 1/2 game up on the Clips. Every team in the Midwest has a winning Road Win/Home Loss ratio. Go Nuggets!!!