He finished the season very strong, and didn't miss any starts the last month. The shoulder has bugged him in '05 and '06, which is why folks are wary. It seems to me like this is the year he'll be as cheap as you're ever gonna get him, and he's probably worth the risk.
He seems like a tough S.O.B. to play through it the way he has. I owned him last year and overall he was a let-down, but I'm encouraged with how he finished and with his competetive character. Also last year he logged a few innings in the World Baseball Classic, so this year he'll be better rested in Spring Training, and one of the best things for shoulder tendinitis is rest.
Again, he's been able to pitch through it (with mixed results last year), and anyone who owns him will probably have to suffer through a bout where it's flaring up sometime in the middle of the season most likely... but he is capable of being so dominant, it'll be worth having him the rest of the year, I think, especially when he's being knocked down a few pegs on people's draft lists.