ugh I hate this can I see see both benefits and risks... we do have too many guards... but having a combo guard like Arenas (or Barbosa) might be better insurance than the rest of the scrubs we have in the event Nash gets hurt.
Risk is that he is a cancer in the locker room and personally I feel we are a bit thin in the 3 spot.
He really does want to join the Lakers or Clippers. It looks like he'll have to tear up China for a while too. I think Gilbert can still help a team out. I'm not sure if it fits what the Lakers are doing or not. I think he's probably better than any of the backups the Lakers currently have. That's not saying a lot though.
On a side note, I heard that he played a few games at the 24 Hour Fitness I go to about a week or so ago. It was during the week so I wasn't there to confirm it. He's apparently keeping himself in shape and must really want to get back in the league.