This trade would give the Bucks a playmaking-scoring guard for Giannis and Myles Turner. If the Bucks can get LeMelo to buy in defensively then this trade will be good for them. They don't give up much draft capital, but give up some of the best pieces on the team currently. They can acquire win now pieces over some time to compete for another title.
The Hornets already have 3 frps for 2027, giving them a potential 4th gives them some flexibility in the draft (be able to trade up or acquire more assets by trading back or out of 2027 draft). The Hornets can also move one of the three players they get in this deal to a third or fourth team. Ultimately, the Hornets can move forward to build around Brandon Miller.