I've got mixed feelings on this one.
On the one hand, Delgado is a power hitting first baseman and gives the Mets precisely what they need in the middle of the lineup. He's consistent and he costs a LOT less than Manny Ramirez would, in both cash and prospects. Plus, the Marlins are paying about $7 million of his remaining $48M in salary, which is a nice bonus.
On the other, I believe, as Buster Olney said in his ESPN blog today, that they could have gotten Delgado even cheaper. The Marlins were dying to move his contract and there weren't a lot of suitors. It was basically the Mets and the Orioles, and the O's weren't offering much. I think the Mets could have probably said, "we'll take his contract, give you Mike Jacobs and you'll be happy with that." Moreover, I've yet to read that the Mets sat down with Delgado and worked out all the bad blood that developed from the catastrophic recruitment of him last year as a free agent. If they didn't, they've picked up an unhappy, expensive player who can demand a trade after the season. Not so good.
So I don't know. If the word over the next few days is that Delgado is happy with this, then I'm okay with the deal.