SoulHonky, I don't think anybody's suggesting Paul for Rondo is fair value. First, factor in that we'd be including Ray and taking on a bad longterm contract to do this. So people are suggesting Paul is worth Rondo plus Ray Allen, an All Star shooting guard, and major cash considerations (worth probably about $15 million or so at least). With the cash considerations, right off the bat, we're saying Rondo is worth at least $3 mil a year less than Paul. Factoring in Ray, you're talking an extra couple mil a year less. So if the trade were to happen that way, it would theorize Rondo being worth at least $5 million a year less than Paul. That's about what Jeff is proposing as a reasonable amount.
And even then, it would only be financially motivated for New Orleans, which is under major cash constraints, and we would get the superior talent. So the logic that "we want to get Paul if we trade Rondo, therefore Rondo deserves a contract equal to that of Paul" doesn't hold out because your initial assumption is inccorect and you're ignoring the other factors in the trade.
From the Hornets' perspective, Rondo MIGHT be considered a worthy replacement for Paul in New Orleans (I don't think New Orleans would even consider this trade) only because they can get a good player at the same position for much less money (i.e., $9-11 mil a year.)