This is a very interesting situation because it's potentially a "no loss" scenario. The worst situation I can think of is:
The Cavs pick Nerlens Noel out of Kentucky with the first pick of the draft. Noel goes all Greg Oden and blows out his knee again. (Plausible). He later tries to make a comeback, but he's never the same player. The Cavs tank the season and get a top 5 pick in the 2015 loaded draft class that is full of future all-stars.
If I were Kyrie Irving, the obvious face of the Cleveland Cavaliers franchise I would seriously be talking to management about possibly moving the number one pick to either Portland or Minnesota.
Both those teams are rumored to be offering their star players (Kevin Love for Minnesota and Aldridge from Portland). Especially if the Cavs were able to bring in Love and "bring the band back together", I would be ecstatic if I were Irving.
If that were to happen, the Cavs would immediately be a threat in the East to challenge the Miami Heat. The Cavaliers would be the most intriguing team in the NBA, with the obvious awesome chemistry of Irving and Love, the rebounding combination of Anderson Varejao and K-Love, and emerging young stars like Dion Waiters.
All in all, the Cavaliers are lucky to be in one of the best draft situations in the history of the NBA. They really can't go wrong! But they definitely go right if they make a move to get Kevin Love and bring the band back together and show the "young bloods" how to play basketball and win championships.....