If this did happen, its got a couple of pretty big ramifications:
1) It sets the price on a reasonable prospect like Anthony Randolph, a guy NY is purportedly trying to trade for picks, or at least thinking about it.
2) This says something about how poor a player Sasha is, how good the 2008 and 2009 lakers teams were, and how much LA wanted piece of mind with its bigs. Sasha was a major player for LA during stretches of 09, but a lot more in 08. Sasha has been playing a lot less this year, averaging less than 5 a game. He's only 27, so that means the Lakers replaced him, he didn't get any worse. Also, Joe Smith might have 1 year left in him. The Lakers are willing to part with long money (a late 1st) to rent Smith now for the piece of mind a 3rd veteran big gives you. This is the right role for Smith, and good trade for LA.
For NJ, this isn't that big a deal. Terrance Williams was a headache in a young ball club, they got rid of the headache. That is never a bad move. They got a 1st this season and a 1st next season, that's solid value for a headache.