I will try to look at this trade with a strict application of a glass half-full policy.
What wins championships (yeah, dream on)
OK, what gets you to the Wild Card game.
Pitching and Defense.
The Reds had a dearth of relief pitching. This trade (and the earlier acquisition of Guardado) helps shore up what was a pretty darned shaky bull-pen. In particular though this gives an oportunity to let Coffey revert more to middle relief and lean on Guardado for saves. The pitcher given up by the Reds? Wagner, who is likely a full season away from contributing at the major league level. The likelihood of him appearing in a Nats uniform is slim to none in '06.
On the defensive front let's go with less is more. Lopez was a walking error machine. Not that he was alone in fielding poorly, but, 14 errors? So we should look forward to surer fielding in the infield right?
OK, now every glass that is half-full is missing the cream. In this trade it is really more the loss of kearns than any other factor that has many Reds fans hacked off. But, to get pitching you have to trade away something. It was widely recognized that if the Reds were in any kind of position to make a move for the post-season Kearns would most likely be one of the trading chips. Well, he's been used. Given the new management's more aggressive (and positive) record in trades I'll give them a little bit of leeway over moving Kearns. After all, you can't spend that chip if you keep it in your hip pocket, can you?
Finally, there is the (reverse) factor of grass is greener.
Did Bowden suddenly become a true maestro? Shall I even begin to run through the litany of broke-dick trades he engaged on? Yes, he was Mr. Excitement, but did the trades really work out? Even a majority of the same? So, I'm of a mind to say: consider the recipient and his record. When you do that I think, in all likelihood, that we shall look back and say Bowden is the one that got gored, again.