Seems to me to be a bargain, but given the number of midfield players we currently have I can understand if we would prefer to use the fee/wages elsewhere, assuming we were still interested of course.
Sounds like recycling of an old story to me, just like linking Hughton to everyone he has ever managed and is looking for club.
If Wallace is that good why has no one else picked him up during Pompey's descent down the leagues? Maybe he couldn't bear to leave the "greatest fans in the world"...