Magloire is a top 15 center in the NBA and would address the glaring need we still have left on our roster. I wouldn't mind trading for him. The only problem I have with Magloire is that his last two seasons he has declined, gotten more out of shape and the questions of his work ethic and intensity that were out there when he was at Kentucky still remain.
I also don't know if he'd want to resign in Atlanta. The good thing is that having him for a year would give us more than enough of an idea to decide to resign him or S&T him elsewhere since we would have his Bird rights in a trade.
Personally I have an eye towards the 2007 free agency where if we are lucky we can bring in guys like Hinrich or Ridnour at point and Chris Kaman.