I'm still a big Malouda fan. And ideally, I'd prefer he stay with Chelsea. I think he's a valuable bench player and still an occasional starter.
That being said, it's hard to fault someone for wanting regular playing time, and if that means a move, so be it. As sad as I'd be to see him go, it could be a win-win. He gets more playing time, and we get some funds and a roster spot to bring in someone younger/faster.
Plus, if he's going to go, PSG would be my first choice. I've got a soft spot for them; if I had to pick a 2nd favorite European team, they'd be it.