Thoughts on all of the parties invovled:
Kirk Hinrich
He wasn't my first choice but after comparing him to Ramon Sessions I believe that the decision came down to defensive concerns about Sessions. The Hawks clearly needed a defensive upgrade at the point position and theoretically Hinrich can provide that without losing a lot offensively. He has played a lot of two guard this season as well and perhaps could slide over if needed to. Hinrich brings more of a defensive and a all-business mentality to the squad and it will be interesting to see what impact that has on the team.
Hilton Armstrong
Hard to decide if the Hawks see Armstrong as a throw in or as something more. He is six-foot-11 and weigs in at a slender 235. He isn't a strong presence on the block but is athletic. He has played in 41 games for the Wizards this season averaging 1.9 points and 2.8 rebounds. His contract expires at the end of the season.
Mike Bibby
Hinrich will be an upgrade defensively but Bibby was a strong and positive presence in the locker room. The Hawks desire to move Mike had a lot to do with the money owed to him for next season. Bibby is a better three-point shooter than Hinrich but Kirk does possess a strong mid-range game. Mike was a calming influence on the team from time to time and it will be important for Hinrich to step into that role now that he is in Atlanta.
Jordan Crawford
When Atlanta drafted Jordan in last year's draft I felt like he was the replacement for Jamal Crawford at the end of the season. He is raw but shows a lot of upside. With Atlanta committed to Joe Johnson long term and Jordan not possessing Jamal Crawford's ability to play the point, perhaps it makes sense to move him. It also helps clear a little salary for next season. I still don't like including him in the deal.
1st round pick
This seems like overkill until you consider next season's finances. According to Sham Sports salary info, Atlanta has 65 million dollars committed for next season to just seven players. Fielding the league minimum of 13 players while staying out of the luxury tax is going to be really tough next season. With the core basically in place for next season it isn't likely that any player the Hawks would draft would make any impact.
Summary
Sessions was cheaper and potentially might have not cost as much to acquire. The goal though appears to have been to improve defense from the point guard position while shedding Mike Bibby or Marvin Williams' contract. In that respect then it was mission accomplished. As I have said before, Hinrich isn't the cure all for the Hawks defensive woes but he will help. How much of an impact he has over the last 25 games or so remains to be seen.