I've got to think that that would make Cleveland the team to beat for the next five years, at least. Obviously, I'm sure Cleveland would prefer to move Hickson over Varejao, as they need a physical center, but I doubt it matters much.
Kudos to Lebron for staying loyal to Cleveland if this happens, I guess. I think he would have had a much better chance at a title in Chicago alongside Rose and Noah (and Bosh).
EDIT: To make this happen, Cleveland would have to send out at least $13 million in salaries. That probably means Varejao, rather than Hickson. If Toronto insisted on Hickson, they'd need to take back the expiring contracts of Telfair and Moon, I believe.