At the end of the day, the Bulls are real close to the cap right now. The trade of Hinrich and that pick freed up roughly $10M of capspace. You can pick any combinations of additions from this summer that add up to $10M and say that's what trading Hinrich got you.
Conversely, you could also just find $9M in salary on the roster in additions and say, I would rather have Hinrich than these guys. For example, Brewer, Watson and Bogans.
Personally, I think that if Brewer is healthy, he will be a Kirk replacement. Better in some areas, worse in others but roughly fills the same role with the same skill. Since Hinrich makes double what Brewer does, I think it was a good exchange.
In retrospect, I think a near perfect off-season knowing the big 3 were going to Miami, would have been something like:
Boozer + Korver + Asik while keeping Hinrich and our draft pick.
We then could have still bid on Ronnie Brewer or Anthony Morrow with the money left, possibly throwing in our draft pick or James Johnson to free up salary, and instead of signing Bogans/Thomas, we'd sign guys to the minimum.
Roster:
Rose, Boozer, Noah, Deng, Korver as starters
Hinrich, Gibson, Johnson, Asik, draft pick off the bench with a couple million to add one more guy (possibly brewer or morrow still if we'd trade jj, or bogans as a worst case)
That team has a versatile quality starting lineup, and good players on the bench to cover all positions.