For the record, I'm a card-carrying member of Tim Wakefield's fan club and I'd still prefer Sonnanstine. I really enjoy that someone who throws as slow as Wakefield does can succeed in big league ball, but the surest way a pitcher can win my heart is to throw strikes, and Sonny throws strikes. A lot of strikes.
Also the guy's going into his third year of big league ball and with his strikethrowing ways there's always a chance he can adjust and "take the next step." The next step Wakefield's going to take in his career is when he's finally put to pasture.
Also, a700 exaggerated the risks a bit but he does have a point about Smoltz. I think most of us are managing our expectations appropriately, and even airhead optimists like me are waiting to see what we get as he starts to rehab. I don't think it's a winning bet to bet against Smoltz' ability to pitch if healthy, but it is entirely possible that he never gets up to big league readiness.
The big reason Smoltz is a low-risk move is precisely because we already have a plan in place for how to proceed with our rotation if that happens, and even if Penny and Wakefield get hurt or suck.