I doubt Luongo gets bought out, he's likely to be traded to Toronto or maybe Florida. I think this bail out-er-buyout clause is to help teams get rid of guys like Gomez, Redden, Dipietro, etc. Players no one would trade for that their current team also wouldn't want to keep. At least realistically. It could also be to keep players from signing and getting lazy (or at least trying enough to be the third worst contract on the team).
As for us, I think if Franzen doesn't smarten up he could find himself bought out. Other than that, I don't see many bad contracts. Holland's played his cards pretty well. We'd have to really reach to start calling guys like E, Quincey or Sammy bad deals. Almost every team has those type of contracts.