Miami never had the cap space to sign Boozer to begin with. They've been exploiting options to dump some of their salaries, but if they didn't find out nothing decent enough, O'Neal is not a bad stop-gap till 2010.
This will open some decent options for Toronto next off-season. They could use a guy like Marvin Williams, for example. All this assuming Bargnani can keep his recent level of play. Although having Kapono and Bank's unmovable contracts simultaneously is kind of hard to swallow. Colangelo should be asking something more.
This trade makes both teams more even, I think.