Olynyk is kind of like Enes Kanter (see recent thread) in that he can put up some nice box scores, especially when playing for a team like Houston, but he will disappoint when he is on your roster if you are a contending team. He might be an improvement over say Wagner but I don't think much if any better than say GWill or Oleleye.
I am not against having him on the bench depending on how the overall roster shakes out, but that is how I see him, a bench player.