Keith law on the deal.
The Yankees get a big OBP boost and the best fifth starter they've had all year, and they did it by using money (of which they have a lot) instead of prospects (of which they have few once you exclude Philip Hughes and Jose Tabata). The Phillies, meanwhile, get some salary relief for 2007, but not much else.
Cory Lidle is a finesse right-hander with excellent control who will probably struggle to be a league-average starter in the American League at this point, but he is an enormous improvement over the Sidney Ponson, Kris Wilson and Dave Eiland -- whom the Yanks have employed as fifth starters this year. Lidle's best pitch is a splitter, but his fastball is a tick below average so he has to have good command to be effective and keep the ball out of the seats. Since the guys he's replacing have been so bad, he's still a one-to-two-win upgrade for the balance of the season, making this one of the biggest impact deals any club will make this month.