I think Donovan left at the perfect time. First, he left when his entire starting lineup (+Richards) left, meaning that he doesnt have to go through a bad season teaching a whole bunch of new players. Leaving while he is on top ensures that everyone remembers (and gives him credit for) the consecutive national championships. He is also going into a situation in Orlando where there is a bad team with no first round draft picks, which means that he will instantly get credit for any success and wont take blame for any failures for a while.
However, this puts Florida in quite a bind. First off, Donovan leaving so late meant that most coaches probably didnt expect the job to open up. In addition, any big name coaches who might be interested by the pay will surely be turned off by the fact that this is a team that returns one player who averaged more than 6 minutes a game. 4 of their recruits are from Florida so they might stay put, but I dont expect Jai Lucas to stay unless UF gets a big name coach quickly, considering how long it took for him to decide on UF in the first place.
Lastly, even if Lucas is released from his LOI to UF (and knowing UF, they probably wont), dont expect him to go anywhere except UK. If it took him so long to decide before, then PP commits to UK, I just think for us to even get our hopes up on him is wasted effort.