Yeah, the whole thing is completely ridiculous. At least you state ahead of time that you know no one will like it. Aside from the fact that Rondo is the better player right now by a mile, he is much younger and Arenas is injury prone, you have to include the NBA salary algebra into it as well.
Arenas's contract makes his value to the Wiz, or any team, extremely NEGATIVE... the Wiz would be happy to get rid of him for nothing. In fact, if allowed under the rules, they would happily trade him and a future #1 pick for nothing. He has about as much NEGATIVE VALUE as any player in the league.
Rondo, on the other hand, is a top 25 type player (not higher than that, he's not even going to make this current USA team that doesn't have any of the Olympic team... that's 25 guys right there) who is signed for a LONG time at a reasonable lvl... his salary, youth and quality give him ENORMOUS POSITIVE value.
I would say that 99% of the people on the board would NOT do this trade straight up setting aside the age, injury and contracts.
Adding in the contract situation puts this into the Chris Wallace area of terrible ideas. You would struggle to find a worse one, really.