Henry was in line to battle for rotation minutes this year in Memphis, but he sprained his ankle pretty severely (grade 2 sprain i think?) and, combined with the lockout, missed out on an opportunity to develope within the organization.
He's been sidelined since early December, but should be getting back on the court within the next week and a half/2 weeks. If he's progressing well, this is a good deal for both the Grizz and the Hornets. Low risk for NOH in a 2nd round pick for a guy that could spell Gordon and potentially battle for minutes at the 3. I think that, for a playoff team as loaded at the wings as the Grizz, the missed time for Henry was putting him too-far behind the 8-ball.