With all these moving pieces, the Eastern conference has balanced out significantly. Last season the Raptors were the third seed, and the distance between them and the Heat/Pacers was significant. The Hawks at 38-44 made the playoffs. With all these new moves, I personally think the Eastern conference will be more fun to watch than the West next year.
While the west is still MUCH, much better, the top 3 teams are pretty much guaranteed with LAC, OKC, and the Spurs. The east, with LeBron leaving Miami, and Lance Stephenson leaving Indy, and all the other additions being made throughout the conference is wide open. The Bulls got Rose back along with Gasol, Wizards made some nice moves, Pierce, Hump, Hornets got Stephenson, Raptors kept all their FA's and got Lou Williams.
The only way I see a clear favorite in the East is if the Cavs get Love and keep much of their young talent in tact while doing so. But still, the East will be much, much more fun to watch next season.