I'll not discuss whether Owen was right or wrong to leave, his loyalty or whether we should bring him back considering the bad taste it left when he went to madrid - all that has been debated to death and is water under the bridge.
What I will discuss is whether in a footballing sense bringing Owen back this summer would be a good move. Personally, I think even spending 10 million on him would be too big a risk considering he's started 13 games in 2 seasons. We still don't really know what physical condition he's in, a couple of run outs for England doesn't prove he's up to the rough and tumble of the Premiership week-in, week-out.
I'll go as far as to say that at 28 and with the hamstring and knee injuries he's suffered, his best days are definitely behind him. He's lost the blistering pace to stretch defences, but granted he's still a nippy enough player in and around the box I'd imagine. He'll still score goals when fit, but that's the question, how long can he stay fit?
At this moment I think there's no question that a fit Owen would improve our side, but with doubts over his fitness are there better options out there?
Personally I think he still feels he owes the Newcastle fans, which is fair enough, and he'll want to give them at least one good season. He'll only leave if Allardyce decides he doesn't want him, which I think is unlikely, and even at that I doubt Benitez would go for him.