FTR, I really liked the Hanley signing, outside of my concerns about his attitude, which were quickly allayed during the offseason, and I really did not like the Panda signing, even though I was happy to have him on the team after it was done. In hindsight, it's easy to say that both of these signings were terrible, even though it's far too early to judge either of those moves.
Third base was one of our weakest, if not our weakest, position last year, both offensively and defensively. Based on his performance last season, Panda should be a significant improvement, both offensively and defensively, over what we had last year.
We all knew Hanley's defense would be an issue. However, I think most of us thought that he would be able to adjust to the position well enough that his offense would overcome his lack of defense. His offense should be good enough to give us an overall upgrade at left field over what we had last year. Also, I think Hanley was signed with the idea of being the DH next year or, at the latest, in 2017.
When you consider that one of our biggest weaknesses from last season was right handed power and hitting overall, it makes perfect sense that the Sox signed Panda and Hanley. For whatever reasons, these signing are not looking good at the moment, but that doesn't mean that they were bad signings going in.