Smart deal. The only real contributor in that bunch he traded was Nazr, and he wasn't exactly ripping it up. Don't worry about the salaries - the Knicks can't be under the cap until houston's deal is up at the earliest anyway, so extra salary for the next 3 years doesn't hurt them at all (plus maybe it'll strap the Dolans enough that they can't back the anti-stadium crowd anymore
)
The real key to the deals is the picks. Yeah, they'll be late first rounders, but you can get good proven talent there, since the top of the draft is mostly HS and foreign players now anyway. Plus, if they lose a few more games without Nazr, their own original pick gets higher, maybe enough to draft a legit center for next year. All in all, its a good deal - or, as good a deal as I could see for the stiffs we traded away