It seems that the Reds are building toward an eventual big trade, probably for a fairly major hitter.
Right now, they are stockpiling minor league depth and cannot possibly use all the prospects on the farm - unless the MLB rosters are expanded to 50.
Two guys who could become the keys for a Reds trade are Yonder Alonso and Homer Bailey. Of course, Bailey has to right the ship. Or someone like Arroyo could be traded and Bailey or another young pitcher would move up.
As for Alonso -- it's hard to see Votto moving off first base for the Reds over the next several years. They don't really need him in LF with Dickerson, Todd Frazier, Dorn all good prospects and others (like Hairston this year) available to fill gaps. And how does Votto in LF satisfy the desire for strong defensive outfielders? He's hardly played the position.
Reds also have a large group of young relievers at AAA who can't even get a spot on the big club, many of whom have great arms. Guys like Roenicke, Bray, Fisher, Viola. Put two of them in a trade and the acquiring team gets value.
Looks to me like the team is building toward a big trade. May not happen this year, but seems likely.