Stubbs is hitting the wall he always was going to hit. There really isn't any "what if?" with him as his flaws were always clearly visible, not to mention intractable. He can't hit RHPs to save himself (a problem that dogged him in the minors). He's .233/.306/.364 for his career vs. RHPs. If he grips and rips, his OB plummets and his SLG still is fairly bad. If he slaps for contact, his SLG plummets and his OB still is fairly bad. He's also not an all-world fielder, which removes the Cesar Geronimo argument for playing him as a regular.
And you can't claim bad luck for him this season. The league average BABIP is .299. Ryan Ludwick is at .297 and Jay Bruce is at .292 and somehow they've managed to be super productive. The long-term problem with Stubbs isn't bad luck in 2012, it's that even with flat out good luck in 2010-11 he still wasn't good. Give Jay Bruce a .340 BABIP and he wins an MVP award.
Ultimately he's a platoon CF who can give you speed on the bench and come in as a defensive sub (not necessarily in CF) late in a game. That's his game. CF is the most glaring position on the team in need of upgrade. There's no hiding it. I'm sure most people wish Jocketty had been able to find that upgrade this summer, but it didn't happen. It will be the top priority this winter.
In the meantime the Reds would be wise to limit his exposure to RHPs - move him down the lineup or, better yet, play someone else. And when he's at the plate, let him swing with some malice. Nothing's going to stop him from striking out or make him a high OB player, but maybe he can goose his HR/FB ratio.