Well from where I'm sitting, the Clippers are quite soured with Davis. And you may also be forgetting that the first pick comes with a $4million+ price tag per year. Then next year is the famous 2010 free-agency, and the Clippers simply aren't at the moment in a good position to be a major player in it if they wished to be.
All of these are motivations for them. At the moment they're at about $43 million next year, without considering Gordon, Thornton, Collins, and any other free-agent they might aquire.
So, they might be giving up an opportunity with the first pick, but they also gain a chance to pair up Rondo with a proven player next year and have the means to do so.
So no, it's not delusional. There is plenty of reasonable motivations for both teams to work out a trade.