John Fay thinks it's a good signing, FWIW.
I think any time you can get a player of Ryan Freel's caliber locked up for a reasonable rate, it's a good deal. I think that's what happened here. I don't know the numbers yet, but he Reds wouldn't have signed him if they had to break the bank to do it. That said, I could see Freel going back to being a utility guy if Josh Hamilton is what they think he is. So, no, I don't think they signed him to trade him.