The problem is that he's not "2006 Pap" anymore. ERA may be misleading, but WHIP, HR/9 and H/9 aren't, and he's not doing very good in any of those departments.
The "Papelbon negativity" is just realism. He was trending downward, had a big contract year (as players tend to do) and now looks like he's trending downwards again. I liked Paps while he was here, and i advocated re-signing him. But at that time and that money? No way.
What should be perplexing is how some people here can completely s*** all over a player for a number of reasons then give another player a pass when he has similar problems just because he or she "likes" the player.