I believe Larry Brown set a reasonable goal for May to accomplish - lose weight until 260 lb.
He's now less than six pounds short of that goal and Brown will have enough time to evaluate May, but no matter how May becomes, he will not be expensive to keep. That is, if May is back in shape, he'll be a nice backup replacing Juwan Howard, plus May has really improved his mid-range jumpshooting. I believe Charlotte isn't gonna resign Howard since the Bobcats now have enough big men.
If Amare Stoudamire can recover from microfracture surgery and still be very effective, then I believe May should be able to do the same. It's a matter of determination and diligence.
Given another summer workout, May should improve quite a bit, assuming his not gonna injure himself again...