I reckon its a risk worth taking for Toronto, Panther. If the trade goes through, he has obviously convinced the Raptors doctors that he can play.
Worst case scenario, he breaks down and only plays half a season, the Raptors are as good as they were last year, and they have a large expiring contract the following year to use as a very valuable trading chip.
Best case, his body has finally got the rest it needed and he is able to play like the old Jermaine - 20ppg, 10rpg, 2bpg - taking pressure off Bosh offensively and creating a tandem that has the potential to form a very formidable, agile keyway defence.
If these guys gel on both ends, the Raptors could challenge for the Eastern Conference for the next two years. Then they can assess their situation and either let O'Neal walk or try to sign him to a much more reasonable contract for his final years in the league.
On the other hand, if I were the Pacers, I don't know that I would make this deal. I still think O'Neal is the only player on their roster you could build a contender around. Big men like him don't come around often so I wouldn't give him up for a guy like TJ Ford. Chris Paul, yeah, but that aint happening!
Still, the rumours have been strong for a long time, so I guess Bird has given up on Jermaine for whatever reason and will happily trade him for 40c in the dollar.
Just had a thought, why didn't the Bucks offer the #8 and Villanueva or Yi (+ bad contract) for O'Neal?! I think that could be a better deal for the Pacers and Bucks. Oh well, too late now...