Reading through all the comments two stand out at most important:
1. Garnett had the ability to turn everyone else into much better defenders, with his attitude and intensity. Turn back the clock to 2007 and I just don't see Ray and PP responding to Duncan the way they responded to KG, in terms of upping their own efforts.
2. Garnett's versatility as a defender was critical to us, in terms of beating the Lakers and also probably the Cavs.
The only argument I can see going the other way that no one has mentioned is this: I think we'd be a much more efficient offensive team with Duncan. Rondo would get him tons of easy baskets, and having a Duncan low-post option with PP and Ray spotting up for threes would be devastating.