I think we mostly agree, we just don't know what each other's points are.
Does Love make them a better team? Yes.
Is he worth max $ to them? Not the way they use him.
Is Thompson better than Love. No. But Thompson is very good and a better fit with starters.
Why are the Cavs playing as well as ever right now without Love? It's because Thompson is a better fit, so they keep winning. Now add Love to the bench, and they could be favorites. That would take them from "decent bench" to "great bench".
		
		
	 
Yeah but you still want to play Love 36 minutes per game. Now you want to play him 20 minutes per game, yeah that probably helps some, but that's impossible. Also, I think this is interesting. 
LeBron last 10 regular season games: Shot 47.2/37.2/, getting to the line 5.7 per game.
LeBron three playoff games before Love injury (not counting Game 4): 48.5/23.1/82.4 (getting to the line 5.7 times)
LeBron since Game 4 of the Celtics: 40.9/11.1/77.6, getting to the line 7.3 times.
Now the playoffs are tougher as they go along, but LeBron has never shot that bad in the playoffs. 
Also
ORating in regular season: 111.1 (3rd)
DRating in regular season: 106.3 (18th)
Their Orating when they got Mosgov in the regular season: 113.6
Their Orating since Love left Game 4 of the Boston series: 111.0
Their DRating when they got Mosgov in the regular season: 105.7
Their DRating since Love left Game 4 of the Boston series: 104.3
Not so I'm not sure your idea of "They are playing four good defenders" is the reason they are playing well. I think they are playing well because the acquisitions have helped and they have LeBron.