I wouldn't be happy at all. I don't know if I would be more shocked that we offered or that he accepted the offer. Les Miles was an average coach at best when he was at Oklahoma St which is a program that I personally put on the same level as Arkansas. Les Miles would not win at the same level at Arkansas. He would have a severe recruiting disadvantage compared to where he is now. I don't think Jeff Long is stupid enough to think Les Miles is the answer to our problems.
You don't apparently know much about OSU's history then if you think OSU is on Arkansas's level, at least historically. OSU record through 2011: 533-523-48. Arkansas through 2011: 679-456-40. OSU had a losing record overall until just the last few years. Les was the winningest coach in more than 30 years prior to his tenure at OSU. He success at OSU is very comparable to Saban's at MSU, a historically more successful program than OSU.
Would Miles win at the same level at Arkansas as at LSU? Probably not. But neither would Saban. Spurrier doesn't win at the same level at South Carolina that he won at Florida. Would all of three coaches be successful at Arkansas? Probably. LSU, Bama, Florida all have built in advantages over Arkansas and all have programs for which success is easier, but not guaranteed. All three programs have gone through major downturns despite their advantages when they haven't had the right coaches. Miles isn't a success just because he is at LSU. Plenty of coaches have failed at LSU. He is successful because he is a good coach, and he is in a place where he can be successful.