Caleb is right in that I don't like Bosh that much. However, I think Ted made a wise pick with Bosh.
Ted's draft is about the future as well as the current season. Bosh should be a top notch player in terms of keeper possibility - moreso than Kidd, Wallace, or Allen. Arenas is interesting, and would immediately make Ted a threat in terms of "guard-like" play - which is what I think wins this league. But that being said, you're not going to get a big guy like Bosh in round 2.
It really depends on how things shake out. There's definitely advantages to taking Arenas, but it's hard to pass on a young big-man.
And, if it doesn't work out for Ted this year, he'll be teaming Bosh with the likes of Duncan, Nowitzki, or Garnett for the next two years. I like those odds.