The trade would've been all-bad for the Lakers. It would've left the Lakers with an awesome starting backcourt, but absolutely no depth at either big-man position (they're already thin). Also, both players need to dominate the ball to play the way the play.
I think Paul is a great player but that the price would have been too high--especially with Gasol and Odom in the Western Conference. Also, since the explanation of the veto has changed, I now thing the league made a questionable decision: the Hornets would have gotten the best of the trade.