I agree, it was essentially a Hill for Camby. Oberto is worthless at this point, and i think it was safe to assume Bowen was being bought out and coming back.
But what can the Spurs do if the Clips reject, its out of their hands. Giving up another 1st round pick like they did for Thomas, would have been too much IMO. That would leave them with no first round picks in the next two drafts, last years first round pick traded, and the pick the year before that stuck in Europe. Plus the pick before that has ankle complications. And the current roster is already old. At some point you have to start to build through the draft, and bring in youth. Camby is 35, that athleticism has to start to deteriorate sometime.
Also, Hill might only be a semi decent back up now, but his value is obviously in his potential. Hes already shown he can score, rebound and defend at the NBA level.
Still, i would have been happy with the deal.