Pavano wasn't really a bad pickup at the time. I wasn't a HUGE fan of his, but I'm generally more accepting than most of durable, strike-throwing groundball machines that don't miss a ton of bats. That one worked out really poorly, but I liked the process.
Vazquez II was a legit Cy Young candidate the year before, ranking near the top of the league in every important pitching statistic over his 220 innings. Trouble is, he came to NY and lost three miles an hour off his fastball and started throwing it a LOT more. He got his velocity back in Florida and was virtually unbeatable for the second half of last season before promptly retiring out of nowhere. One of the weirder career arcs in recent memory. Nonetheless, considering we got a good lefty reliever and a potential top of the rotation type pitcher for a fourth outfielder and a good prospect, I loved the process there too.
As far as the trade goes, it's pretty tough to judge winners and losers yet, but knowing what we DO know about elite hitting prospects vs. young pitchers with labrum injuries, I'd think it's a better bet that Montero develops into an excellent hitter than Pineda regaining his ace form. I think that even if it works out and Montero stinks while Pineda wins a couple of Cy Youngs for us down the road (which, obviously, I hope is the case), I'm still not a fan of the process. Process-oriented works both ways I suppose. LoL.