I for one hope this is false, after all a team that gets this year's 3 best free agents will be contenders for at least the next 5 years. In fact I think this makes them guaranteed to win the East, and also the championship for the next 5 years. This type of team should not be possible to build in the so called salary cap era.
Now remember that this rumour is being reported by ESPN meaning that these rumours could just be one heck of a marketing ploy to get people to tune in tonight to see Lebron create the greatest dynasty since Michael Jordan. However there are signs everywhere that Lebron is favoured to land in Miami such as them being the best team that can sign him.
There are some drawbacks though, for instance they would have a hard time doing a sign and trade for King James and Chris Bosh. The assets they would give up are similar in both cases, a young roster player like Beasley and maybe a bench player or 2. So it is tough to pull off.
The main reason Lebron is still favoured to land in Miami is that Cleveland has reportedly said they don't really want to do a sign and trade with Lebron James so that he gets a lot less money if he signs with someone else. Lebron is no fool however, he knows if he wins multiple championships the money will start flowing in.
One option could be to sign a 2 year max deal and then sign a six year extension with the Heat. That way they can still use the Larry Bird exception and he gets a tonne of money. The problem with this method is that Lebron may not get his money, with new CBA coming up the max contract is expected to go down, this could be his last shot at such insane money.
In conclusion it's a good idea for Lebron to sign with the Heat but I sure hope he doesn't. I wouldn't want my Raptors to play such a team year in and year out. It would be very demoralizing.