He's a great. great player, by far the best the US has ever had. He's been the most dominant player in MLS' history, he's won nearly a 3rd of all MLS cups. He's the all time leading goal scorer in MLS history (Regular+Post season). LA shouldn't bring him back though.
Why? 2 reasons.
It's a new era.
Personally, I don't want to see a new DP signed by LA, I know they will, but I'd prefer not to see one. I want them to take the, I don't now, 12-15 million they would be spending on DP's yearly (not including the transfer fees), and reinvest that into player development. LA already has the best academy in MLS, but with the amount of athletic talent that is in So Cal, the Galaxy could have one of the best academies in the world if they REALLY start focusing on it.
They're already getting great young players out of their academy, and with all the money they could invest in it without new DP's it would make it so much better. They could also spend that money to better scout Central and south america for young talent.
They could spend that money on more advertising, improving the HDC, and maybe even lowering ticket prices, all of which would likely improve attendance, and ultimately, profit margin. MLS may need those European "stars" for credibility, but LA doesn't, they need to win, and win big, and going forward, they won't be doing it by spending money on players past their prime.
MLS has greatly tilted the finances to reward team who develop young talent, I think it should be tilted more, but that doesn't change the fact that there's real value in developing your own talent.
Beckham and possibly Donovan's last game should represent the end of an era for LA, it shouldn't try to go for the quick fix. Sure, I won't be complaining if/when LA hoists their 3rd straight cup next year, likely with 3 DP's who played in Europe recently, but I would much rather re-sign the key players in this run (Gonzalez and Juninho) instead of going out and getting a player from Europe who MIGHT take this league seriously and MIGHT mesh well with the team, while paying them a salary completely disproportionate to the rest of the team. The Galaxy have the best balance in the league between young and old players, but they need to start spending on the players they develop, instead of letting them leave for Europe. After watching the Galaxy this year, is anyone really going to say Gonzalez and Juninho aren't worth 7 figures. They could pay each of them 1-2 million dollars, and save around 8-11 million dollars and probably be just as good than if they let them walk and brought in guys like Kaka and Lampard and paid them 4 times the amount.
I believe a team can have their cake and eat it too, but why buy a cake when you can own the bakery for less money, and have cake whenever you want? It doesn't make sense.
The 2nd reason is that Donovan has done all he can for the US game here. he needs to prove it in Europe.
I'm not a fan of American players who jump at the first opportunity to go to Europe, even if it means playing in a lesser league. It aggravates me, I think young US players should stick it out here and wait for a good opportunity in a top league rather than jump on the first ship out of MLS. That's how you end up like Freddy Adu, Eddie Johnson, Robbie Findley, Buddle and Jozy Altidore.
Donovan is different though, he did wait, and he found a great situation for him at Everton. Everton actually has a chance to play in the champions league, and they love Donovan there. He has a chance to validate his entire career at Everton, and ultimately MLS. Too often I hear people say that young players need to go to Europe to "realize their potential" which i think is total BS. Sitting on a bench, being ignored by your coach, and then having everyone hate you for not improving (Adu, Altidore, Findley, Buddle and Johnson) is not what's best for your career. Donovan has played virtually his entire career in MLS, and if he goes and lights it up at Everton, possibly in the Champions league, then it gives more credence to good young American players playing in MLS rather than hastily bolting for Europe without thinking of the repercussions
I say letting Donovan walk, could be best for all parties involved, assuming they react to it the right way.