While the Mets pat themselves on the back for picking up the guy who came in third for the 2005 AL Cy Young Award, the Red Sox swooped in and signed the guy who beat him out!
The purpose of the previous sentence is to remind you in this election year that it's possible for a person to be full of crap even when they say something that is 100% true.
Anyway, I think Colon is definitely worth signing to the kind of deal the Sox are apparently giving him. As U.S.S. Mariner's Dave Cameron noted back in October, there are many good reasons to suspect that Colon could bounce back this year, not the least of which are (a) improving health; (b) a rebounding velocity and strikeout rate towards the end of last season; and (c) a very high BABIP (.361) last year which, as many of you know, is influenced by many factors outside of a pitcher's control. In short, he wasn't as bad as he looked last year, and could be better than expected this year.
Of course, since Cameron wrote that, Colon made several appearances in winter ball, and every time he pitched scouts came away underwhelmed. Wait. Strike that. They ran away screaming. Was it his conditioning? His motivation? With Colon those have always been issues, so I'm sure that's part of it. Fact is, he might simply be done. The good thing about this deal, of course, is that if he's not done, Curt Schilling's shoulder isn't nearly as big a problem as it looked a couple of weeks ago, and if he is done, it hasn't cost them anything.
Final note: a look at Colon's B-R.com page reveals that he is yet another modern day star without a nickname. How is this possible? The guy is an orca-fat Dominican fireballer who, by all accounts, has a pretty good sense of humor. If he was around in the 50s he would have been given a nickname so early in his career that we all would have forgotten that his name was Bartolo by now.