This very topic was being discussed on Gary and Larry's show this morning and it sounded poignant enough to tackle here, so what say we all give our two cents? Naturally, I'll start off with a page and a half of my own opinion.

Obviously, there are varying layers to this question and, ultimately, it comes back to the "Good-vs-Bad Trade" thread - in terms of what we got back from Milwaukee. For the first half of the season, Bogut was Jesus. He wasn't suited up and standing tall inside, but he was here in spirit, the team reflected his nasty, gritty frame of mind on defense, and everybody was praying that he'd return to save us from low-seed mediocrity and propel us into the upper echelon of Western Conference teams (which, at least on paper, is where this team looked like it belonged at the start of the season).
There were no delusions about upstaging the OKC's and the San Antonio's, but teams like Denver and Memphis looked specifically ripe for the slaughter. I know I, for one, would have taken our roster over those teams at the beginning of the year and I was quoted, in the season preview thread, as claiming that the tie-breaker between those three teams (GSW, MEM, DEN) would ultimately be health... and it was. Denver - until recently - was healthy all year, Memphis lost Gay halfway through the year but ultimately didn't lose a beat while their roster remained largely intact. Golden State, however, was a far different story. After losing their 6th Man (and reigning 3-point percentage leader) in the 2nd game, the Warriors managed to trot out their prized center only 30 times this year; half of which, Bogut himself would tell you, the Big Aussie looked nothing close to himself. Imagine Memphis without Marc Gasol for half the year and only getting 6 minutes from Jerryd Bayless before losing him for the season. All things considered, the Warriors have recovered quite well. Denver's magically healthy season has them leading the Clippers for the 3 seed, but Memphis and Golden State are right where they should be: occupying the 5th and 6th spots for the playoffs. A healthier Dubs team looked capable of a 4-seed to me, but if if's were fifths, we'd all be drunk...
The x-factor at the center position, the thing keeping Golden State afloat instead of mercilessly undersized like last year, has been Festus Ezeli. No question. In 41 starts with Ezeli up top, the Warriors are 24-17 (58.5%). In 11 less games with Bogut, the team is 18-12 (60.0%), meaning Ezeli is keeping the Warriors at approximately the same level Bogut is. And, thus far, he's been everything that Andrew Bogut was supposed to be; a tough interior defender, a finisher who doesn't demand the ball on offense, a results guy (not a numbers guy), and - wait for it - the absolute perfect compliment to David Lee.
... by the way, anybody disputing Lee's value to this team compared to Curry and claiming that Steph & Klay should be the central cogs of the offense, outta take this stat into consideration:
The Warriors, when David Lee takes as many or more field goal attempts as Stephen Curry this year, are 18-3 (85.7%). If you have a rebuttal for that one, Blackfoot, I'd LOVE to hear it. Cause I've been calling David Lee the true center of this offense all year and it definitely shows in the win column. Efficient inside offense beats risky jump-shooting every time. Smart betting beats large betting.
But I digress...
After Festus Ezeli's 13 rebound, 3 block game against the Spurs, the big rookie looks primed to cover the Warriors in the (chillingly likely) event of Bogut's playoff absence... And if you didn't notice Bogut's cranky, displeased look when Ezeli sat down next to him on the bench after that double-swat block party, take this into account: Bogut, who was supposed to miss the remainder of the regular season and heal up for the playoffs, traveled with the team to Portland today and is a game-time decision. Sounds like somebody's a little unsure about his job security...
So who ya got, GoldenStWarriors?
Durable, athletic, runs-the-floor-and-finishes, Festus Ezeli?
or
Intelligent, enormous, extra-playmaker-up-top, Andrew Bogut?