My favorite three teams so far (not counting my own):
New Jersey:
C: Mehmet Okur
PF: David West
SF: Paul Pierce
SG: Corey Maggette
PG: Jason Kidd
The team is a little long in the tooth, and maybe isn't ideal defensively at this point, but in terms of winning now, this franchise may have the best foundation of any team. A lot will depend on just how much Jason Kidd's skills have eroded.
Grade: A
Houston:
C: Andrew Bogut
PF: Lamer Odom
SF: Gerald Wallace
SG: Kevin Martin
PG: Tony Parker
Despite some criticism from other franchises, I like this team. It could use some help in terms of defense, perhaps, but it has five very solid players, including a Finals MVP. Martin and Parker can create their own shot, and both Bogut and Odom can score inside. Wallace is disruptive on defense, and can score on offense. The only question marks are effort (Odom) and health (Wallace). They're also a fairly young squad, meaning they could be together for years to come.
Grade: A-/B+
Toronto Raptors:
C: Zydrunas Ilgauskas
PF: Antwan Jamison
SF: TBD
SG: Vince Carter
PG: Chauncey Billups
Okay, so they're an old team that doesn't play defense. However, they have a ton of talent, including the underrated Vince Carter, who, when playing hard, is still a top-tier player. They have a lot of versatility up front; Jamison can play both PF and SF, and Ilgauskas can score from anywhere within the three point line. Chauncey is a proven floor leader. A lot will depend upon who they can find to fill out their roster, but so far, not a bad start.
Grade: B+
Honorable mentions:
Charlotte Bobcats: They had a great thing going until they decided to prove a point. Rasheed is a serious downgrade from either Marion or Bosh. They need to make some trades, though, because they have four players, and literally, zero draft picks.
Minnesota Timberwolves: Any team with Lebron is automatically top-tier. However, I'm not sure Jose Calderon is the best fit for that team. He's a wonderful point guard, who would be perfect on a lot of teams. However, he needs the ball in his hands, and that won't happen with Lebron on the roster. He's going to be relegated to a spot up shooter, which is a waste of Calderon's considerable talents. The Biedrins pick was a very good one, if he continues to develop towards his potential.
Atlanta Hawks: They've got the foundation of a good team on both ends of the court. The big question mark is their "bigs"; it's hard to win in this league without a consistent big man, and right now, they don't have one (Okafor tends not to be healthy). A lot will depend upon Okafor, the continued development of Rondo, and the return to form of Deng.
Las Vegas Lakers: This is a team for the future, which has really bounced back from its first round debacle. They gave Tim Duncan away, but ending up with a core of Durant and Mayo has them in good shape. They stole Chris Kaman, and if Jermaine O'Neal is healthy and plays with effort, he could be a steal, as well.
Orlando Magic: I love Duncan and Granger on this team. I am not, however, sold on either Brad Miller or Jason Richardson. The problem I see is that they're not good enough to "win now", and they're not young enough to be a team of the future. Still, a very solid effort through three rounds.