No, really, it's rocket science:
Other than a first season outlier, when the Thrashers win more, attendance goes up. When they lose, it goes down. Gosh. Once the excitement of having a team subsided, you can clearly see (through 06-07) a rise in both winning percentage and attendance percentage. After that, the team became mediocre and attendance fell as well.
What's interesting seems to be this: attendance rises when the team improves but falls if the team stagnates. I'm curious to see if this would have the same effect if the stagnation was at 90 points/season rather than the high 70s.
For Thrashers fans, this is a big "duh." For the rest of you, this is why our attendance sucked. It's not rocket science.