All my opinions have probably been expressed by someone at some point in this thread, but here's my two cents anyway:
I like that Ryan Freel won't be running between Jay Bruce and the left fielder, who will probably be an expensive, big-name acquisition. The guy was a one-man wrecking crew and put the rest of the team in danger.
I don't like that the Reds dealt the right-handed platoon partner of Chris Dickerson. The outfield is the weakest part of the 25-man roster. Even if the Reds acquire a great right-handed bat for left field, they'll need someone who can come off the bench and play center. If they choose to carry only four outfielders, you can't let Norris Hopper be the first option off the bench; that's just asking for failure.
I don't care that the Reds traded Brandon Waring. He seems like only a Brandon Larson-type, and the Reds have a lot of third base depth anyway.
I'm going to miss Red Turner. From what I can tell, his ceiling is something similar to Jeff Keppinger's. He might not be a great everyday second baseman, but he's probably going to turn out to be a good utility infielder. The Reds currently have Brandon Phillips, will soon have Chris Valaika, and a little further down the line, they'll have Alex Buchholz, Cody Puckett, and maybe more. I wonder if the Reds would have been better off if they had waited to trade Turner because he will probably increase his value over the next year or two, but other than that, they picked a good position to trade from.
I like that the Reds obtained a catcher of Ramon Hernandez's caliber. First of all, the average catcher OPSes at .713, and Hernandez has been above that for each of the past six seasons. His offensive skills may be declining, but I think that will be compensated a bit by playing at GABP. This also means that Wilkin Castillo can continue to develop at AAA instead of being the backup catcher by default. The Reds should also have Craig Tatum at AAA, so hopefully this will spell the end for my nemesis, Ryan Jorgensen.
As an added bonus, Hernandez speaks Spanish, unlike Hanigan, which could come in handy when he's catching the Dominicans. I think that fact is often overlooked.
I like Ramon Hernandez's contract. Basically, he'll cost the Reds $6 million in 2009, and if the Reds want him for 2010, he would cost $7.5 million more. That could really come in handy if he has a great 2009. And if he doesn't set the league on fire, he won't be difficult to get rid of. Some people are acting like it was purely a salary dump, but effectively, it saved the Orioles only $2 million.
All in all, I think it was a fair trade. The Reds may have given up some value, but they got some value in return. Many people don't realize how difficult it is to obtain a decent catcher. Ryan Freel's career may be on its last leg, Brandon Waring probably won't cut it, and Justin Turner just wasn't needed. Hernandez's success in 2009 will probably be largely dependent on the luck of his BABIP, so I'm hoping this is a year that goes well for him. Even if it doesn't, when Hernandez is doing poorly, he's not Paul Bako-bad and is better than a lot of the catchers in the league.