It's not a matter of undervaluing, it's just about what we could have realistically got for him. Luongo is a 35 year old goaltender who's under contract for the next eight years (I think), so expecting to get anything more than what we got is not realistic at all. I was obviously exaggerating when I said that I would trade him for a 7th round pick (I thought you could've picked up on that), but my point was that the benefit of trading Luongo is not only the return we get, but also the fact that "controversy" would be over with.
So yeah, it is a great trade. I would be interested in hearing what you expected to get in return - after all, we got "fleeced" didn't we?