I can see why this trade would be made, but its not a no brainer for the Kings.
They still need to add more high level talent to that squad, if they really like someone who will be there around #7 (or could be there) I'd keep the pick.
Felton is solid, but he's not good enough to make the Kings a playoff squad.
I agree that they still need to add high level talent, but that talent won't be there at #7. If you think it is, then it's going to be a gamble.
I agree, I don't think Kings would quite make the playoffs in year 1, but I think with health and a signing of a good PF, they could be .500. If they install a good defensive philosophy, I think that team has enough offense to take care of itself. Some PFs available are: David West, AK-47, K-Mart, and Carl Landry. They could also sign a C like Nene or Dalembert and move Cousins to PF.
The only problem I see the Kings having is that it could end up being a 1 year rental of Felton. But if Sac gets West or Nene, is playing at a high level, and is willing to pay Felton, I think he could very well stay. (The paying is key, because I'm currently pretty convinced that Felton going to Miami for the full MLE after this season makes a lot of sense for both parties)