Well, my initial concern was that it would be the deal that was initially proposed in this thread, which it's not. Overall, it's probably a decent move, better than I thought last night, but if they go into the season with an outfield of Swisher, Cabrera, and Granderson, I won't be happy with it.
I think this sets up perfectly for them to retain Damon, which would also allow for some flexibility in the DH spot.
As for Granderson, he's probably better than he was this past year (except in the HR department), but not as good as he was in 2007. If he falls somewhere in the middle, I'd be fine with that.