That's not a bad deal, but I really don't have any interest in Reddick, who is exactly the kind of player that the Suns are trying to move away from -- undersized, one-dimensional, and soft. I'd rather take back Jason Richardson. He's been a big disappointment this year and it wouldn't surprise me if Orlando has some buyer's remorse after re-upping with him this summer. Would Richardson be any better back in Phoenix, no, probably not, but he'd at least have decent resale value if his scoring picked back up (with more touches). And with Frye's contract moving out, the Suns could take back Richardson without changing their cap space situation. They'd still have room for one max FA, which is plenty, because there's no way in hell they're getting two anyway.
It's a big gamble for Orlando, because if Howard walks, then they've given up Anderson and a pick for Frye, for basically no reason. But I like it for the Suns, because now you have four decent players moving forward with Gortat/Anderson/Morris/Dudley -- well, plus Richardson, really, who even in his current condition is vastly better than any SG on the Suns' current roster -- plus two picks this summer, plus a lot of cap space ... it could be worse.