I'm all for locking up Buchholz. Having him and Lester as our 1-2 punch for years to come is music to my ears. If Ranaudo turns out to be a monster as well, that could potentially push Beckett and Lackey to be our 4-5 in the later years of their contracts too.
Initially, I had a slight gripe because of the advanced metric stats of Buchholz, but then I compared Buch's and Lester's in their break out years (Lester 2008, Buch 2010).
Lester - FIP 3.64, K/9 6.50, BB/9 2.82, BABIP .297, LOB% 76%
Buch - FIP 3.61, K/9 6.22, BB/9 3.47, BABIP .261, LOB% 79%
Those are much, much more comparable than I thought they were. I say lock him up. I hear a lot of doubters say "Oh his FIP was a full point higher than his ERA". Ok. Well. When your ERA is 2.33, fine, tack another point on for next year, if Buch comes out and posts a 3.2 or 3.3 ERA, he's still a premier pitcher in the AL.
Buch has the stuff to become a 8 to 9 K/9 guy, just like Lester did, too.