Cavs get Ben Wallace, Delonte West, Wally Szczerbiak and Joe Smith (and a 2009 second round pick- WKNR had their facts wrong).
Cavs give up Larry Hughes (Bulls), Drew Gooden (Bulls), Donyell Marshall (Sonics), Ira Newble (Sonics) and Cedric Simmons (Bulls) (Shannon Brown also goes to the Bulls... stupid WKNR). Seattle also gets Chris Duhon from Chicago (the Sonics actually get Adrian Griffin, WKNR lied to me).
I would imagine West, Wallace and Wally would all step into the starting lineup. I'd keep Varejao off the bench and let him bring the energy. Wallace could be used to guard KG, 'Sheed, Howard and (hopefully) Duncan come playoff time. West gives the Cavs an honest to god point guard and Szczerbiak is an upgrad over Pavlovic.
As for the future...
Smith is gone after this year ($5.2 million) and West has a qualifying offer ($2.7 million) which I expect the Cavs to pick up.
Szczerbiak is owed $13 million next season, which is his final year, so he could definitely be moved within the year.
Wallace... well, he's owed $14.5 million next year and $14.0 million the year after (he expires in 09/10, same time as Hughes).
The Cavs are taking on a lot of money, but they didn't give up any picks (thank God!) and they still have some flexibility. Szczerbiak, Snow ($7 million) and Damon Jones ($4.5 million) all become expiring this summer, so the Cavs still have pieces to trade for a Michael Redd type player.
I think the trade improves the Cavs a bit. All of these guys (even Smith) should contribute to the team right away. But it also opens up some holes... like who the hell is going to guard Chauncy Billups?