There were opinions on both sides about the O's adding Millwood for Ray, but I like the deal. Ray was coming off an injury and a poor season (which could probably be expected), although I do think he's a candidate to bounce back nicely. Sure, he could have been a cheap answer at closer for the O's, where they still have a hole. And he was still under club control without free agency for a few more years. Plus he's a local guy, which was kind of cool (William and Mary).
But I like the quality starter at the front of the rotation to help stabilize the entire staff. It does appear that Millwood is due for some regression, and their staff still doesn't compare to the CC/Burnett/Pettitte or Beckett/Lackey/Lester rotations of NY and Boston. But for the first time in years, you can see the makings of a pretty good lineup in places, and Millwood buys more time for development for their quality young starters. I would have preferred to keep Ray, but I think the O's did well for themselves.