You're assuming that Millsap can't or won't defend/rebound instead of that he didn't excel last year for any number of reasons. I think him coming off the bench and playing him fewer minutes will do wonders for his energy level and health, which I think would subsequently make his game more productive in the minutes he does play. But beyond that, there is more to the game than these nebulous ideas of OFFENSE and DEFENSE. Big Al can hit some shots from 15 feet, but that's really not a staple of his game, and passing damn well isn't. What is Faried doing to aid Jefferson OR benefit from him? It's a nightmare pairing; a big that can't pass and takes up a ton of space paired with a SMALLER big that can't do anything but clean up. Jefferson will find himself swarmed and not have any way out and Faried will... well... run back in transition and try to prevent a turnover from being a bucket.
And Faried might be okay with Memo since he spaces the floor AND can pass. I don't see Memo as a significant part of this team's future though, and I hope no one else does either. But Millsap and Memo have traditionally played and complemented each other quite well.
In conclusion, if Millsap is gone, there are worse things than Faried. But if I have to choose between one guy, and another guy emulating that guy, I choose the guy being emulated. Especially since we KNOW one is really productive and the closest thing this team has to the heart of the team and the longest-tenured (while still being decently young and has very clearly been improving every single year).