There is no clear call here on whether Bayless has a lower or higher value than a pick. Value is a judgment of the beholder. He played for the coach before at Portland, so we can presume that N'Owlins knows what they're getting. He's got a couple of NBA years under him, which probably puts him ahead of whatever rookie might come in next year...and he's available *this* year, which makes him more valuable than, say, nobody.
And NO didn't give up Collison for Ariza. They gave up Collison to get rid of Posey and brought back Ariza, a good defender who is much quicker, versatile, and able to run the floor with CP3. Collison is solid, but has limited value behind CP3. That deal was a significant makeover for NO. Bringin in Bayless (who I think will get lots o'minutes at the 2, possibly starting) furthers the effort.
I like it.