So the overall deal is...
Atlanta receives: Melky Cabrera, Michael Dunn, Arodys Vizcaino and $500K
NY receives: Javier Vazquez
Atlanta's perspective: They had a logjam at pitcher and didnt have the cash to make a run at an elite hitter. By dealing Vazquez, they save approximated $9 million. By getting Cabrera, they get a young OFer capable of playing CF to supplant McLouth and move him to LF. They also get a guy with advanced tools who could blossom in the NL into a bona fide leadoff type hitter. They also get a lefty reliever in Mike Dunn who has the stuff to be in the bigs now and potentially close, if he locates better. But the gem of the deal is Arodys Vizcaino. He'll slot into the long season leagues and be a top 10 prospect in the Braves system. He has a long way to go, but if he realizes his potential, the yankees will regret his inclusion in this trade. I like this deal from an Atl POV
Yankees perspective: The Yankees were coming up on a 40 man roster crunch after this season and were concerned about giving two spots in the rotation to Chamberlain and Hughes. But they didnt want to be locked into a long term deal. Enter Javier Vazquez. Now, 5 yrs ago, Javy was one of the best pitchers in baseball through the ASB, but he developed some arm fatigue and fell apart. Since he was sent packing to ARI, he's been one of the most durable pitchers in baseball. He is also well within his prime at 31 yrs old. In 2009, he was considered by WAR to be one of if not the most valuable pitcher in the NL. So, he certainly isnt chop liver here. But a lot of Yankee fans will be skeptical of him since the last memory of Vazquez is getting shillacked in the 2004 ALCS. Now older, stronger, and essentially better, he returns to NY, hopefully triumphantly. He also wont be counted on to be the ace of the staff, since CC has that locked up. Regardless, from a need perspective, this was a good move. In the short term, losing Melky is easily replaceable with Gardner. Losing Dunn is replaceable with Logan. Long term, though, this might be less of a win-win. Vizcaino was a gem who needed only seasoning and Dunn has the capability to close eventually. But, you have to give up something to get something. The fact that Javy is on a 1 yr deal and will be a Type A FA makes this a bit better, since we should get 2 picks back if Javy walks.
Overall, I like this deal for both sides. Atlanta gets a trio of highly talented players, 2 of which can contribute now and the budget space to fill other needs. And NY gets another durable strikeout pitcher to add to their rotation.