I definitely think the Lakers are better off with Sessions, Gasol, and Bynum over Chris Paul or Dwight Howard. I didn't like the Chris Paul trade back then because I didn't think he would work well with Kobe. Paul is a ball dominant point guard, and the Lakers are built around Kobe having the ball in his hand. He is not giving that up and it would have caused problems.
Now if they had traded Bynum for Howard they would be in a real bind with Howard having back problems. Bynum is playing the best ball of his career right now and to me looks better than Howard anyway. The Lakers are extremely lucky the moves they went for fell through.
The only thing that is going to hurt this team going forward is depth. They are weak after the starting 5. As Guiseppe pointed out, the loss of Lamar Odom is going to hurt tremendously come playoff time. If the Lakers had Odom playing at his sixth man of the year level they would likely be the favorites right now to win the whole thing.