I love Rondo and I wouldn't do this deal for one reason:
Everyone talks about Rondo's knee being an issue going forward, and my counter argument is, Chris Paul has bad knees, too. I mean, the guy has to shoulder the load for his team pretty much every night, and thanks to his stupid coach, he's forced to do everything on offense. It doesn't help that his knees were bad before he got into the NBA, and he's already had one surgery on one of then (in 2010).
I'm not so sure Chris Paul can sustain his high level of play because his knees will give out on him. I think he's got maybe 5 more years of superstar-caliber play, and that's assuming he doesn't suffer any more knee pain.
Trading Rondo for Chris Paul might be a talent upgrade, but it still holds the same injury risk. I wouldn't do it.