My choice would be 'if the price is right'.
It seems unlikely though since it would require us to use the MLE, which we might need to sign someone else depending upon what happens with the O'Neals and whether we resign other guys.
The answer 'Only if we can't sign our own' seems the opposite of what we should do. We only sign Oden if we can resign Delonte and a big or two. Otherwise, we need our MLE for other people.
I also don't see us doing a 1 year deal since it would essentially be giving away money to watch someone recover. A Powe-like deal of one year and a team option for a second would make sense, though this would be for a lot more money.
If Oden gets his body in order like Hill did, he would be a great piece alongside Green and Rondo. Even if he can limit his injuries to Bynum-type injuries that can be played through, he would be a great value. Currently, Oden makes Yao look look like Andre Miller.