Well, I guess it remains to be seen if Holt's new spendthriftiness is a one act play or if it will continue in the summer of 2010. We also have the fact that Manu has missed or has been at less than 100% in the last two postseasons. This is the reason you need more depth in the swingman rotation. Nocioni also gives you a nice small ball 4, which would be an upgrade over who the small ball 4 was last season.
Yes, the contract is big, but the Spurs just took on a guy who's making $14 mil a year when he should be making $7 mil. The % differential for Nocioni is less, IMO.
Spurs need some swingman depth and that doesn't have to be Nocioni, but I think he could be an option.