I'm closer to Joe's point of view on this trade.
Francis, although he did nothing for my fantasy team last year, can be a very good player. His FG% just went down the drains last year, but in past years, he hasn't been that bad. And he is probably the best rebounding PG in the league. His assist numbers have been pretty good in the past. In fact, I think one year he almost reached the 20/6/6 plateau. He didn't do well in Van Gundy's system, but then again, when has a multi-tooled guard really been able to bust loose under JVG?
Mobley is a nice player. He has good range, and very good athleticism, and is actually a quite decent defender.
Cato has been improving every year, and actually had his best year while backing up Yao last season. He could actually flourish in Orlando with more playing time.
McGrady on the other hand, is of course, one of the top talents in the league. But I liken him to more of a Vince Carter rather than a Michael Jordan. One of the former NBA players who hosts the morning sports radio show here in UT has a close friend in the Orlando organization. And he said that the Magic had reached the point where they wanted to get rid of TMac more than they wanted to keep him around.
The source said that TMac is not the kind of person who inspires camaraderie or trust in teammates. When the players of the team arrange to get together to work out on their own, and there's only one guy (TMac) who NEVER shows up, teammates start to wonder about him. When a player quits on his team and chases a personal goal (the scoring title) before the all star break, teammates wonder about him. I don't think TMac is a leader in any way shape or form. And he puts in about as much effort on D as his high-flying cousin from the great white north. No, TMac isn't going to make Houston contenders. If anyone does, it'll be Yao.
As far as Francis being a cancer. I don't know. Personally, I think JVG is an idiot when it comes to coaching athletic players. There are ways to run an offense through a center and still have it be fast and flowing (see the Lakers of 2000-2002). JVG's offense is sludge and I personally can't blame Francis for hating it.