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1. There aren't any elite hitters available after next season so your "wait until next year to sign a star" strategy is already clearly off the mark
Bedard wasn't on the FA list when he was acquired.  Cliff Lee wasn't on the FA list when he was acquired.  Who will be available 12 months from now (or 6 months from now) is a fluid situation.  And some of what makes a player available is the performance of a team.  It is unknown at this moment which of this year's FAs will sign long term deals and which will sign 1-year deals because they cannot get the green they want immediately. 
2. Even if there was a star hitter available next year, he's not likely to be the PERFECT fit you think is the only type the team should acquire
Fielder, (IMHO), is very nearly the worst possible fit for the Ms given their current lineup and 2011 production.  They have a 1B (Smoak) and a DH (Carp) already.  But I have already conceded that this is one of a hundred ways to view the current situation.  My argument is not for a 'perfect' fit.  It is to wait until you actually have at least some idea of what you actually need.  My position is that given the amount of uncertainty about the current roster, it is effectively impossible to reasonably assess need at all.  And some have suggested that if the 1B/DH slot is too crowded, just move Smoak or Carp to get what we need.  That, of course, makes an even larger assumption - that we can find exactly what we need AND that Carp/Smoak will be exactly what we need to surrender to get it.
3. Even if there was a star hitter available next year, there will be other teams fighting to get him so the M's can not at this time act as if he's already in the bag
There are always teams fighting for FAs.  So, I don't see how this is relevant whether you're going now or next year.  In all honesty, I view this argument as not far from, "we need to try to do something dumb today, because we might not succeed at doing something smart tomorrow." 
4. This team is missing out on millions of dollars in revenues because of its poor play and the longer it goes on the worse it gets and the harder it will be to turn things around
The club won more games in 2011 than in 2010.  "The worse it gets" doesn't apply, unless you actually believe the club will win fewer than 67 games in 2012 without Fielder.  And if you DO believe the club is less than a 67-win team, then why would Fielder make a positive difference in attendance?
I've heard the argument for "star power" leading to revenue.  It's generally false.  Wins and making the playoffs lead to revenue.  In Seattle specifically.
2003 - 93 wins - 3.2 million attendance.
2004 - 63 wins - 2.9 million attendance.
2005 - Add Sexson and Beltre - 69 wins - 2.7 million in attendance
2006 - 78 wins - 2.4 million attendance.
2007 - 88 wins - 2.6 million attendance - (so, was it Jeff Weaver, HoRam or Vidro that brought in the extra 200,000?)
In 2008, the club added star pitcher Erik Bedard.  Wins plunged to 61 and attendance dropped to 2.3 million.  One could argue that the Cliff Lee 2010 attendance drop to 2.0 million might apply also - but I would skip that one since he was only here 1/2 season.
In 2005 specifically, Beltre was coming off a 48-HR season where he just missed the MVP award.  Sexson was coming off a year mostly missed due to injury.  But in 2001 and 2003 Sexson had hit 45 HRs.  Attendance dropped 200,000 in the year they arrived.
So, in Seattle specifically, the last two times the club actually went and snagged expensive, big name free agents (2005 and 2008), attendance dropped in both of those seasons.
To find a big name, high priced FA signing in Seattle that corresponds to a rise in attendance, I believe you have to go back to Ichiro.  Of course, Ichiro was a high priced FA who was added to a team that was already winning.  And, of course, the central point of my argument has been that you are better off adding the high priced FAs after you have started winning without them.
In truth, Seattle's history seems to demonstrate a preference for home grown stars - and such a preferance is typical in baseball fans.  Fans are FAR more prone to support home grown bats than imports.  The last two winning seasons, (2007) and (2009) ... who did the fans latch onto?  Was Jose Guillen viewed as a savior?  Vidro?  Beltre?
Felix and Putz were the primary focus of good will (and probably merchandise sales) in 2007.  In 2009, it was Griffey's return that was the focus of the fans.  He wasn't the most productive player, but he (and Felix) were still the fan favorites.