Not surprisingly, Gerry Fraley seems to hate the decision the waive Drese, although he is typically vague in his criticism.
Fraley also alludes to John Hart being MIA at TBIA recently, suggesting that another power struggle could be going on within the Ranger front office. That's the first I've heard of it, and I don't know if this is idle speculation, an attempt to stir the pot, or if this actually has some basis in reality.
Similarly, Evan Grant seems unimpressed with the decision. He says that the Rangers have put Drese on waivers, and that several scouts expect Drese to be claimed. If a team claims Drese off of waivers, that team would assume Drese's contract -- $400,000 for this season, $1.75 million for 2006, and a $3 million team option for 2007 with a $50K buyout. If he goes unclaimed, he can be outrighted to the minors.
Grant also suggests that losing Drese to waivers would allow the Rangers to spend more money on acquiring a starter pitcher later in the season, although given how low payroll is and the "financial flexibility" the Rangers have, that really shouldn't make much difference one way or the other.