I would definitely take him back if I thought he'd fit into our team, but I don't think he would. He'd bring the same set of flaws we see with Cazorla. In fairness, he would probably bring the same sort of advantages we see with Cazorla too!
The main issue, for me, when he left Barcelona was positioning and set up. At that point we didn't really know that we could function well with Cazorla deep in midfield, and to me Cesc would rather be in direct competition with Özil for that spot. That wasn't very appealing. As a direct Cazorla replacement - there are, honestly, not that many players around who would better fit that bill.
