I think people are overreacting about the picks. My understanding of the reports is as follows. Philly has the right to swap with us in 2016 or 2017. We then owe then a future pick 2018 or 2019 that is top 10 protected. So-
2016- if we have pick 1-10, we get to keep our pick, but Philly can swap with us. If we get 11-30, the pick goes to Chicago.
2017- if we have pick 1-10, we get to keep out pick, but Philly can swap (provided they did not already swap in 2016). If we get 11-30, the pick goes to Chicago, unless Chicago got our pick in 2016, in which case we keep our pick.
2018- if we pick 1-10 we keep the pick. If 11-30, we give the pick to Philly UNLESS Chicago got our pick in 2017 (that would be prohibited back to back trades). If Chicago got our 2017 pick, we keep the 2018 pick, even if it is 11-30.
2019 and beyond- if we pick 1-10 we keep the pick. If 11-30, we give the pick to Philly until we have fulfilled the obligation.
We would have to be really unlucky (though don't underestimate our ability to be unlucky) to ever have the swap come into play. Philly is going to be terrible in 2015-2016, and will likely be a bad lottery team again in 2016-2017. With as bad as we were last year, we were still much better than Philly. Even if we can't use the cap space to sign free agents, we can use it in trades. We should be better than we were last season, and much better than Philly over the next two seasons, even if we just trot out Boogie-WCS-Gay-Ben-DC. The only way the swap comes into play is if we are both lottery teams and we manage to win the lottery with worse odds than Philly (say move up to the top 3 from the 10 position, while Philly falls down to 4 or 5). With as bad as our luck is in the lottery, it COULD happen, but the smart money is that the swap is NEVER capitalized on by Philly.
So the only real draft asset we give up is a future pick- 2018 at earliest. Even then, the pick is top 10 protected, so if we really suck, and this blows up on us, we at least keep our pick until we are somewhat decent. It does suck to have the same restrictions on trading future picks (like we have with Chicago right now), but that is a small price to pay if it means we can do something now.
So, we traded two bad contracts, a middling rookie, a first round swap that will most likely not come into play, and a protected first round draft pick in the 2018 draft (at earliest) for the right to be relevant (either in free agency or via trades) and build a team around Boogie this summer. I applaud the move by Vlade and am happy we are finally swinging for the fences rather than trying to build a 35 game winner.