I think it works well for both sides. Why?
I think the Bucks is a Jennings-Bogut team now, so Redd needs to move on. Alexander is not a favorite of Skiles. Kurt Thomas is disposable because of Boozer.
The Bucks get an expiring contract in Boozer, a pick and roll partner for Jennings, 3-man rotation Bogut, Warrick, Boozer. Outside shooter in Korver and CJ MIles to take over for Redd and Alexander.
Boozer is not going to re-sign anyway, Korver is often injured and hasn't been the shooter he once was, and I think the CJ Miles project is over, he's been a Jazz for a few years now they aren't getting anything much from him.
The Jazz get a great shooter and slasher in Redd, an interior defender in Thomas and a young prospect in Alexander both are also expiring contracts. The only problem I can think of is a few more million in luxury tax for the Jazz.