LeBron is playing as hard as ever, and the addition of Wally Szczerbiak and Ben Wallace should provide him with some help. While Joe Smith might not completely replace Gooden's production, he at least won't make any of the absent-minded mistakes that Gooden has become known for. While Delonte West may not be the greatest point guard in the world, he should be much better at it than Hughes, who should not be playing point guard in the NBA. While I still think that Detroit or Boston will win the East, if either of them struggle, Cleveland could come out of the East instead.
In addition to being a good trade for Cleveland, it's not too bad for Chicago. Hughes has actually done well in his first few games in Chicago, and Drew Gooden might be able to give them some of the low post scoring they've been looking for.
It doesn't look that great for Seattle, but it does at least get Szerbiak off their hands, who wasn't exactly a major part of their rebuilding plans.