Well, Jason Jennings has been signed, which I think is a good thing.
Jennings can request his release on April 1 and April 25 if he isn't on the 40 man roster, and has an $800K deal with a possible $1.45 million in incentives available to him.
Jeff Wilson has an article up about Jennings, who is supposedly going to be healthy this year for the first time since the 2006 season.
Wilson also has an article up on the slow free agent market, running down some of the players who are still out there.
Mike Hindman runs down why he thinks the Rangers might have decent pitching in 2009, and says the most important slot is Brandon McCarthy at the #3 slot, although he says that there is "literally no objective reason to believe that Brandon McCarthy is up to the job." That seems to me to be either hyperbole, or a very loose interpretation of the word literal.
Jim Reeves says the Rangers should stay out of the free agent pitching pool at this point, and that significant improvement will require someone like Neftali Feliz, Derek Holland, or Thomas Diamond stepping up and making a significant impact this season. While this is possible, as I've mentioned before, I do think you've got the possibility from internal improvements from the guys already here that would represent a significant improvement over last year's pitching staff.