I definitely agree that it sounds like a runaway for Minny. Milwaukee shouldn't even have to include the #10 and it'd still be a good deal for Minny.
But from Milwaukee's standpoint, maybe I can see it...
It's difficult to find centers in this league, but Bogut isn't exactly a discount at his current contract. He's making 12, 13, and 14 mil over the next 3 seasons. This is for a guy who has missed 13+ games over the last 3 seasons and I think is really becoming injury prone. Over those next 3 seasons, they have 3 additional bad contracts that will likely prohibit them from making any impact signings and not enough assets to acquire an impact player form a trade. So, there's really no way for anybody to expect them to contend over that 3 year span. If they play it fiscally wise and draft well until then, Bogut's going to be 30, questionable regarding health, and looking for a new long term contract, which could end up being a disaster.
In light of that, I can see why Milwaukee would be interested in trading him right now for Derrick Williams/Enes Kanter. Then, veteran players like John Salmons, Delfino, and Maggette could be of interest to contending teams at the trading deadline which could bring back some additional draft picks. Even furthermore(!!), this lack of talent could lead them to a high pick in the '12 draft and suddenly Milwaukee might have a decent young core coming together...