
Houston trades: Battier and 2008 lottery protected pick
Houston gets: Hedo Turkoglu

Seattle trades: Kurt Thomas, Earl Watson
Seattle gets: Redick, Arroyo (exp), Garrity (exp) and Houston's 2008 lottery protected pick

Orlando trades: Redick, Turkoglu, Arroyo and Garrity
Orlando gets: Thomas, Watson and Battier
Houston upgrades their roster with Hedo, who's a very good shooter, creates opportunities for teammates and for himself, has great size and I think he'll complement Yao very good. Houston does downgrade defensively.
Seattle basically get's rid of a big contract while getting a young SG in Redick and picking up a decent pick in 2008's draft.
Orlando gets some defense and gets a true PF to move Lewis back to his natural position SF. They do lose some creativity and scoring.