1. So far I don't think any of the big 5 prospects are overrated (Votto, Bailey, Bruce, Cueto, and Volquez). I'm not about to give up on Bailey just yet. I still believe he can be a star starter for the years to come. From what I've seen of Volquez and Cueto this spring so far they're pretty awesome. I'm sure they'll make the rotation.
2. I really don't see the Reds keeping Ken Griffey Jr. after this year which in it's own rights will have a better affect on the Reds. This would move Bruce over to RF and keep Dunn in Left Field. Then you can have a speedy CF to cover the extra ground in Left Field. And you get to use Bruce's arm in Right Field.
3. I can see them making the playoffs this year and next year to tell you the truth.
I'm not sure overrated is the word I would use, maybe more like overhyped
. Alot of people want to believe in Edinson, as do I. I'm just not won over, yet, small sample size and all. I think Cueto looks like a real deal, but Volquez, to me, looks a little more raw (especially in his command). I mean, two pitches are great, but the third might be a work in process. He could make the rotation, but that would be out of a lack of other quality guys around. Affeldt looks toasty, Fogg is in (?). That leaves who else? Bailey doesn't look even close. Like I said, might be great, might be not so great. It surely isn't a lock.
I don't think Dunner may be around next season. Bruce looks to be the heir apparent to Griff and CF has many (albeit questionable) suitors, so I'm not sure how they handle it. It just doesn't look, so far, that he's in the plans past this year. They just aren't talking about a deal. Of course, that could change. His performance before the break, this season, will be key, IMHO.
As for the playoffs this season, my heart says yes, but my brain says "not so much". I just don't think we have the pitching, yet.