Maybe I (along with others) am undervaluing Pena -- but his lifetime .303 OBP scares the bejesus out of me, because I don't see him in possession of the skills required to raise that.
By age 28, Sammy Sosa had never topped 45 walks in a season. At age 28 he hit 36 HR's and had a .300 OBP. Next year he exploded into everyones livingroom. Was he juicing? Who knows, but steroids don't get you more walks. Now the fear of power will get you more walks. Pena has that power, and can generate that fear naturally.
I keep hearing how the market is awash with corner power guys. Wanna know how many of the top 20 Power hitting LF's changed teams this year? 1 Coco Crisp. that's it. Of the top 20 power hitting RF's only Reggie Sanders and WMP found new homes. Hardly an oversaturation of the market.
People aren't over valuing power. They are over valuing average to below average pitching.