It's killer for two more years, but next year is irrelevant (we aren't signing anyone this summer), and might be useful for a trade the year after.
I might make a deal like that, but I'd probably want a couple of picks - kind of like when the Sonics (think they were still in Seattle) took Kurt Thomas off Phoenix' hands and received two first rounders for their efforts.
Get some picks, use next year to rebuild/acquire + develop trade assets, then use Okafor's expiring deal in '13-'14 to make the next KG/Ray-type deal. We're more likely to get our next star either via draft or via trade (not through a direct free agency signing), so I'd be interested in pursuing deals that head us in that direction.
Plus, he's help us - a lot - in the meantime. If you'd like to stay reasonably relevant, having another team's high draft picks while still being able to play decent ball, sounds good to me.