Having had a chance to see the rosters and read the Reds top 50, etc., here are some thoughts on the Reds minor league system. Hopefully those with more knowledge will provide some thoughts as well.
A- I don't see any absolute sure fire prospects in the system. Corcino may be the surest bet to be a solid major leaguer. Hamilton has great upside but is raw. Stephenson hasn't pitched yet. There is depth, but maybe not the highest echelon prospects.
B- Even if Phillips does sign long-term, with Rolen's contract running out, I can see meaningful roles for Frazier, Gregorius, and HRod on the Reds soon. I recall that HRod is a switch hitter and Gregorius hits lefty (correct?) which gives them additional value in my view. I see Didi and HRod perhaps joining the Reds' bench in the near future, maybe 2013.
C- It's interesting how the current Reds regime, aka Jocketty, trades so many prospects. The earlier regime kept all four big prospects, Bruce, Bailey, Cueto, Votto. The current regime traded Alonso, Grandal, Boxberger, Francisco, Sappelt, Torreyes. Of course, the Bruce group was very high end.
D- I don't see a wealth of top offensive talent in this system. Increasingly, this organization is emphasizing pitching and defense as much as possible. We might expect Corcino and Stephenson to move quickly through the organization, probably the two top starting pitching prospects in the organization.
E- This is one of those years where AAA for the Reds is not heavy on prospects. It's more of a major league taxi squad. Soto is an exception as is the new pitcher from Atlanta. Phipps maybe.
F- I see Neftali Soto as prime trade bait. Good prospect, but plays Votto's position. Reds have already tried him at other positions then moved him to first base. Left field is a possibility. Another first baseman who needs to play LF to stay with the organization?
G- Assuming Phillips signs up, next year the Reds starting team could be very similar to the current team. A replacement for Rolen may be necessary. Could be Frazier or a trade. Otherwise I'd expect a similar team in 2013, with perhaps changes in the pen and the bench. May not be too many opportunities for minor leaguers to become starting players for the Reds. I could see some AA or AAA guys joining the bench and bullpen though.