I don't see what the big deal is about giving up a 1st round pick. Is losing out on the next JR Giddens such a big deal? Especially when the team would have to give him a guaranteed contract when their payroll is high already.
Because it can't be used in a bigger trade, that helps the team more.
And it could be the next JR Giddens, or it could be the next Glen Davis, Carlos Boozer, Michael Redd, Gilbert Arenas, Rajon Rondo, etc. Especially since the way the C's are playing right now, the pick could climb significantly higher than it was when they got Giddens.
Just because the last first round pick for the C's was a bust does not mean every late first round pick is a bust