I've already picked him up as a sleeper for 2005. I know he's the guy everyone loves to hate, but take a look at the underlying numbers. In 2003, he won 21 games with an ERA under 3 and 200+ Ks. That doesn't just happen by accident. He owns the skills that gave him that monster year. Of course, skills alone are not enough.
Take a look at 2004. Everyone remembers the second-half disaster, but most people forget that Loaiza was pitching very well through June (6-3, 3.69 ERA, 1.23 WHIP, and 40 K in 70 IP). That's about as good as anyone not named Randy Johnson or Pedro Martinez can expect to post in the AL East.
Unfortunately, after June it was KABLOOEY. He started giving up long balls like a little leaguer pitching to Pujols. And then, he came back and had a great post-season. What the?!
Now look at ST. Yeah, I know that everyone says "ST doesn't mean anything," but that's an overstatement. Managers evaluate ST performance to decide critical issues like who starts at what position, batting order, and even who gets to stay in the show. If you do credit ST, and I do, then you'll see that Loaiza is looking like the Loaiza of 2003 and the first two months of 2004: very sharp. Plus, he's now back in the NL. I would take a late-round flyer on him, and in fact already have. I think he's gonna surprise a lot of people this year. Don't let yourself be surprised.
I am the Master. Don't question the Master. Just do what he says and be proud.