I posted a few brief 1-off replies here, because I like LM, but not a coherent take like Who provided.
Overall, I think LM is a 7 footer in his early 20's who, at worst, is an NBA starter with upside, decent defense, and a unique skillset on O that's perfect for the NBA today. His O creates mismatches both LM & his teammates can exploit- mismatches that more than offset his still acceptable D.
He regressed this year in his 3rd year (like Tatum did in his 2nd, worse though because LM is on a dysfunctional team with a bad coach, and he doesn't seem properly utilized). But in his 2nd year at age 21, he averaged 18.7 / 9 / 1.4 / .7 / .6 while shooting the lights out as a big.
His Feb that season was much like Tatum's coming out party this March. He averaged 26 / 12 / 2.5 and the awful Bulls almost went .500 that month, finishing 5-6. Then he got injured in late March & his season ended, an eerie parallel to Covid ending/disrupting Tatum's coming out party.
He's not a great defender, but he has quick feet to stay active on the perimeter (and to drive at will on O to complement his shot). He tries on D in general, or at least he used to- I can't speak to his level of effort in his current frustrated state, but I've seen the effort before. He's never going to be a rim protector, but he can move out on the perimeter, play ok help D in the paint, & body up down low to the extent that it's needed in today's NBA. IMO, the digs at his defense are overstated.
The kid is still only 22-23 years old and he compares favorably to Kevin Love and Chris Both 2 years in as a shooter, scorer and rebounder. They got a lot better in year 3 and he stagnated, but if he joined a good team that developed him further (again, he's like 22) & featured him and what he does well, I could see him eventually becoming the #3 guy in a Big 3 with a true alpha #1 in place.
Stats comparing the 2nd seasons of LM, KLove & Bosh:
http://bkref.com/tiny/QnFKNI'd absolutely trade the Memphis & Bucks picks, which aren't looking so hot at all at the moment, plus potentially a bit more due to the lukewarm picks, for a 22 y.o potential 'Big 3 Caliber' piece.