As a Canucks fan, I'm expecting Luke Schenn as the centerpiece of the deal, James Reimer (since the Leafs probably won't need him with Luongo) and a 2nd round pick. I think that would actually be a realistic expectation. The Leafs are deep on defence, rumours are that Phaneuf and Schenn don't really like each other and the Canucks need a right handed gritty d-man like Schenn.
To my fellow Canuck fans: expecting the 5th overall pick is not realistic!
To Leaf fans: Please stop trying to stuff guys like Kulemin, Grabovski and Kadri into trades. Those guys are vastly overrated.