Its not the end of the world but I think that the Rockets need to be able to grab a good center other than him in order to make a trade for Wallace as well.
What good does Wallace really do if we don't also plug our gaping hole in the middle?
He is an improvement....probably, over Battier, assuming Battier's role as mentor/glue guy/captain isn't that big of a loss, but we are then taking on a lot of money for an oldish guy without also addressing our biggest need.
Maybe we grab Wallace while we can and then hope for a good center in the offseason? Maybe, but with a new CBA lowering the cap then we could be SOL about space to sign a good one and that is where we need a better player, not as SF.
Unless we can trade for Nene, Kaman, Perkins or a combo of Dalembert and Przybilla type move I don't know if we tie up so much salary to grab Wallace (with its probably required grabing of Diaw).