I think it comes down to what the Flames were looking for. The Flames were obviously looking for a 1st round pick out of the deal after finding out that getting a conditional pick (that might not be a first) for Iginla wasn't exactly a popular deal.
The Red Wings obviously don't want to trade their 1st. Who can blame them? This year will, Cup finals permitting, be the highest they have drafted in how long? Since 2005? Since 1991? They might miss the playoffs this year and they might miss the playoffs next year. The Blues on the other hand have a young core and are looking to take a step forward and become Cup contenders.
But just what exactly did the Red Wings offer? I think LeBrun reported that the Wings packaged involved a 2nd and two prospects. Who are those two prospects? I think that if the team had Iginla and Feaster was still being intellectually dishonest, the Detroit package probably is the right deal. The Red Wings have some prospects who are a step or two below being blue-chip who are close to being NHL ready. A sober Riley Sheahan? Tatar? Jurco? Ferraro? Nyquist? Frk? Jarnkrok? Is Smith still a prospect? I can see how Detroit's package can be seen as better, especially if one of those prospects included is Tatar.