I do believe he has a lot to offer, but not to united, not how they will use him. I think a team like Everton, Villa or Spurs etc would be the best place for him now, somewhere where he will play every week etc. He has no chance of getting in the England team whilst at united purely by the minutes he will get on the pitch. For Owen to get back in, he would have to play every minute until the end of the season and score 20+ goals, even then I reckon Capello would still take someone else.
Don't get me wrong, he's a great player on a free, but he won't win you the league, not anymore, But Ronaldo or even Tevez might of.................