I think its an intriguing move if it happens.
Jose may be a 'winner at all costs' , but when you don't win, all you're left with is costs (to reputation etc.)
In my opinion, I think the Inter move is something of a red herring. When Jose left Inter, he left a team formed in his image. He'd transferred a large number of personnel into, and out of, the side. When Rafa arrived, he was refused the chance to make any transfers in playing personnel. Inter also suffered a number of injuries to personnel and when Rafa was sacked, although being 13 points off the top, they had 2 games in hand (because of attending the WCC). It is impossible to say whether he'd have been able to turn things around, although Leonardo (brought in as a temporary replacement) was allowed to dip into the transfer market and bring in reinforcements, finishing the season respectably and winning the Coppa Italia.
I don't know whether Rafa will be a success if he goes to Real, but I hope he'll be given a reasonable crack of the whip there. Unlike Jose, he does want a team to play attractive football (He has his detractors, but remember Rafa gave Liverpool a 0-4 at the Bernabau and a 4-1 win over Manchester United within days of each other - proof if it was needed that a Rafa team could play attractive, attacking football), not just grinding wins out. His record against Barca is better than Jose's record, particularly domestically with Valencia.