He is not terrible. He can do the job that you want your 3rd Center to do. He is willing to dive for every loose ball and he is a good rebounder for his size. He is a bit undersized (he is more of a Power Forward than a pure Center) and he is a not a great finisher (when he is not dunking) but that's why he is your reserve and not a starter. He also has a quite nice vertical and can be a quite good weak side blocker. Good defender as well. He is like a more athletic Foster without Foster's smarts.
@Peck, don't let his current Free Throw shooting fool you. Through his career he has been a pretty bad FT shooter. His career overall is 46,5%. It is quite worse than Magloire's 64,2% overall. The only difference is that Lou is currently in his best year of the stripe (shooting 57,1%) while Magloire is in his worse (shooting 18,2%).