Its only surpassed by the Milbury Masterclass:
Out:
Luongo, Jokinen, Chara, Spezza, Heatley/Gaborik
In:
Yashin, Kvasha, Parrish, & DiPietro.
The stuff of legend.
Your forgetting some more gems
1) Traded Bryan McCabe + Todd Bertuzzi + 3rd round pick to Nucks for Trevor Linden
Linden was disaster in NY while Bertuzzi blossomed into one of the top PF of his era for Nucks, McCabe spent decade+ as reliable top 4 defender and the pick was used on Jarko Ruutu who played a decade in NHL
2) Traded Bryan Berard + 6th round pick to Leafs for Felix Potvin + 6th round pick
Berard was a Calder winner 2 years before trade and at just 21 yrs old was sent packing by Milbury. Sadly Berard career which looked set for breakout with Leafs was derailed by eye injury though he still was able to salvage an NHL career but is a "What might have been" guy forever remembered for injury that derailed career
3) Traded J.P Dumont + 5th round pick to Blackhawks for Dmitry Nabokov (RIP)
Dumont did nothing to diminish his prospect standing (Drafted 3rd overall in 96) but Milbury traded for quicker to NHL Nabokov who flashed some potential with Hawks in limited games and did same in NY before going back to Russia never to look back
Hawks meanwhile botched things by sending promising young Dumont to Sabres in disasterous Grosek trade (So f***ing stupid). Dumont thrived in Buffalo and Nashville for many years establishing himself as a top 6 NHL talent
4) Traded G Tommy Salo to Oilers for Mats Lindgren + 8th round pick
Milbury never liked Salo always trying to replace him with someone else only for Salo to prove to be best option in NY. Milbury trade for Potvin set in motion him finally moving Salo to Oilers in deal that turned out great for Edmonton
Salo was 2x Allstar for Oilers and helped team to 4 playoff appearances. Lindgren was a medicore 4th liner and nothing else in NHL
The goaltending situation was absolutely absurd from Milbury in NY.
He never seemed to be happy with Tommy Salo being better and taking job from Eric Fichaud (Guy Isles traded for thinking was answer in net longterm) and seemed to always want to replace him first drafting Luongo with 4th overall the draft after Salo as 25 yr old has established himself as Isles #1 (20-27-8 with 2.82 GAA and .904 sv pct with 5 shutouts). Then you had the whole fiasco in arbitration in which Milbury made Salo cry basically calling him lazy and terrible, etc (When he was one of the few good things about Islanders at that point)
Milbury finally got vet #1 he wanted to replace Salo in trading for Felix Potvin and then moved Salo weeks later. Potvin flopped in NY and eventually was traded the next year for Kevin Weekes who was stopgap #1 as Luongo got his NHL experience.
Then of course Milbury traded Luongo months later at draft and then proceeded to draft Rick Dipietro 1st overall at 2000 draft

. He also traded Weekes to TB at draft so he could trade for Vanbiesbrouck from you guys (Giving away a 4th in process) a day later to be #1
Beezer sucks in Long Island and is clearly finished as NHL talent while Dipietro is rushed to NHL clearly not ready and struggles. Beezer is traded for equally washed Chris Terreri late in season
Next year pickup Osgood off waivers and sign Snow as FA. Osgood has good season and guides Isles to playoffs with Snow solid in #2 role. The next year Osgood struggles and loses job to Snow and is traded to Blues at deadline to make room for Dipietro on Isles roster. Isles sneak into playoffs quickly dispatched in 5 by Sens. Osgood had good playoff for Blues and had strong 03-04 season helping guide Blues to playoffs again
Milbury is fired in 2006 by Isles
Truly one of the worst GM's in sports history if not the worst