This trade most likely won't end up having a huge impact, but it definitely makes sense for both the Flyers and the Kings.
Gagne was drafted by Philadelphia in the 1998 draft and spent 11 seasons in the orange and black. His return to the city will be a great reunion, as he was revered by fans and will be gladly welcomed home. He is on the wrong side of 30 at this point and won't be expected to produce like he did in the mid-2000s as the Flyers' top forward.
However, he's only 32 and has been relatively healthy as of late, so he should provide a little depth and scoring touch, which the Flyers desperately need.
The Kings, on the other hand, get to dump a little salary, gain a mid-round pick and won't really miss Gagne's production all that much.
His best days are behind him, as he hasn't come close to the 74-point season he had with Philadelphia during the 2008-09 season, but Gagne will definitely help out on the third or fourth line.
He also brings some experience and leadership to a relatively young team that has looked lost throughout much of this season.
His presence in the locker room will be great and his return to Philadelphia will give the fans some excitement as we approach the halfway point in this lockout-shortened season.
It's a low-risk, somewhat-high-reward move for GM Paul Holmgren and I think that, if nothing else, it will be nice to see Gagne back in a Flyers jersey.