After letting Smoltz walk, they had to go get Lowe. A four-year deal for a 36-year-old pitcher is sort of insane, but that's what it takes these days. The rotation looks okay, but until they acquire at least one decent outfielder, 2009 still looks like a complete wash.
The biggest reason I wanted the Braves to do the supposedly irrational thing and bring Smoltz back was as a one-year bridge to 2010 -- by the offseason next year, the Braves should have figured out who's going to work out among Hanson, Charlie Morton, Reyes, et al., whether Kawakami's going to be any good, whether Jurrjens is truly going to be a guy whom you can pencil in near the top of your rotation for the next several years, etc. There's a good possibility that, starting in 2010, the Braves won't even need Lowe that much, but now you've committed $15m a year to him until he's 40.
Letting Smoltz walk and signing Lowe, in other words, is the move of a franchise that still think's it's going to compete in 2009. And I just don't see it.