Meh. It will placate the casual fan and give the new GM room to manuever and rebuild. They had to pare payroll from $110 mil to $95 mil, with no big contracts coming off the books so it's not like they could afford any of the bigger FA hitters.
With Beltre, Bedard, Washburn and Batista coming off the books before the 2010 season, they will have cap space and another good position in the draft to help the rebuild. This year is about playing the young players, working the trade market at the deadline and working the draft. They've got holes and the new GM has filled them with one year stop gap players, injury rehab guys and low risk/moderate upside young guys. Griffey fits right in with that model as a one year stop gap LH bat.
It's going to take the team a few years to dig out of the hole that Bavasi dug for them but it appears that Zurencik knows what he is doing. This has been just about the smartest off season I've seen the M's have since Gillick left. And not because of Griffey.