Apparently, the Rangers gave up a PTBNL, which, since Padilla is eligible for salary arbitration (and likely will get $4.5-5 million there), suggests that the Phillies were looking at non-tendering him, and the Phillies are getting a borderline or non-prospect.
Padilla's stats aren't great...he had a couple of pretty good years in 2002 and 2003 that were followed by a couple of mediocre years in 2004 and 2005. Realistically, this is the chance to overpay a little on a one year deal for a decent innings-eating type pitcher.
Assuming the PTBNL isn't K.C. Herren or someone like this, my initial feeling is that it is a solid trade.
Update [2005-12-12 17:3:0 by Adam J. Morris]: -- Ken Rosenthal says that Ricardo Rodriguez may be the PTBNL. That would be fine with me.
Update [2005-12-12 18:22:20 by Adam J. Morris]: -- Evan Grant of the DMN says that the PTBNL is someone not currently on the Rangers' 40 man roster, which would eliminate RicRod from consideration.
Gerry Fraley has some grousing about Padilla, as well, although as he points out, this trade was between Daniels and Pat Gillick. Fraley proclaimed Gillick the best g.m. in baseball just recently, and has little good to say about the "new wave" of stats-geek g.m.s like Daniels, so I wouldn't expect him to have anything nice to say about this trade from the Rangers' standpoint.