This is a fair trade for both teams.
Cleveland - As great as he is, Lebron's 29 and been in the league for more than a decade. He can still play another decade, but he wants to win now and doesn't have the luxury of time. Wiggins may be awesome four years from now, but nobody will take a 33 year old Lebron over his current self. Love gives him a better chance to win in his prime vs. Wiggins - simple as that.
Minnesota - Love was gone next year and you can either get assets for him and bite the bullet now or wait until you leave empty-handed. The protected first is going to be a late pick so it doesn't really matter. Bennett is a role player who is too small to guard PF's and not quick enough to guard SF's, but he could be a competent 6th man since he has a decent shooting touch. Wiggins is really the only thing that matters; he could be T-Mac or a poor man's Rudy Gay, but Minny isn't going anywhere so you may as well let him develop and hope that he can become a cornerstone for your franchise.