It's not a bad deal. It's a bit longer then I think the Jays would have preferred but ultimately they don't end up paying him as much as if he will be what he was last year and at the same time they don't pay him as little as if he'll be what he was before. He's basically being paid as if he were a consistent 30HR guy (similar to Dan Uggla). If he continues to hit like he did last year then this is an outright steal of a deal and if he's only a 20 - 25 HR 350OBP guy then he's not egregiously overpaid. I'd call it fair.
Aside: Since this is a Flames forum here's a neat video I just saw (It's a few weeks old but just saw it now)...
http://toronto.bluejays.mlb.com/vide...nt_id=13093257