Nene = very good defender + good scorer offensively with excellent efficiency + decent rebounder
Varejao = very good defender + good-to-very good rebounder + very good garbage man offensively (limited offensively)
I think Nene is a notch below All-Star level while Varejao is an elite role player. They have comparable value overall, Nene a tier above Varejao. I think Nene is the third best player on the Nuggets and has almost as much impact on the team as Chauncey Billups does. I consider Varejao the second best player on the Cavaliers but he really shouldn't be the second best player on a contender.
On a Championship caliber team, I think Nene would be the third or fourth best player. Varejao would be 3rd/4th/5th depending on the core of the team -- what sort of team they're building, a dynamic duo, a big three, or a balanced starting five.