Marc Stein over at ESPN.com has it:
Sources told ESPN.com that the Clippers will only have to surrender a future second-round pick to acquire Camby, who is being jettisoned into the Clippers' salary-cap space vacated by Brand to generate payroll relief for the Nuggets.

A trade call with the league to approve the deal has been completed, sources said, clearing the way for the teams to announce the swap later Tuesday.

Camby, 34, is coming off a productive season in which he averaged 9.1 points, 13.1 rebounds and 3.61 blocks for the Nuggets, who won 50 games to claim the final playoff spot in what is regarded as the most competitive conference race in league history.

But the Nuggets have yet to advance out of the first round with their Allen Iverson-Carmelo Anthony-Camby core and, according to sources, opted to shed the remaining two years on Camby's contract (worth nearly $15 million) to create the flexibility that could allow for more changes.

It's a good mid-term solution for the Clips.  Camby can more than compensate for Brand's rebounding and blocks.  He's arguably the most effective help defender in the league.  Not a bad passer, either.  Camby's usage dropped precipitously after Denver acquired Allen Iverson, but he's a reasonably effective scorer and has that dependable set shot from about 15.  He's certainly not capable of contributing at Elton's level -- and he'll never demand a double-team -- but he doesn't have to.  Side note: We posed the question a couple of years back, "is Chris Kaman secretly a power forward?" Now we might have occasion to find out.   

On the salary grid, Camby's contract is favorable: $8M next season; $7.65M in 2009-2010.  The Clippers essentially give up bupkis.  And they still have a little money left over under the cap to do something else -- whether it's now, during the season, or next offseason...or 2010. 

UPDATE
: The NBA.com report on the Camby acquisition. 

UPDATE: There's some confusion as to Camby's salary.  Stein reports it as $10M each of the next two seasons. The reliable Hoops Hype grid shows it as $8M next season and $7.65M in 2009-2010. It's possible both are correct insofar as Camby earns $20M, but only the $8M/$7.65M count against the cap.  We'll try to learn more.