While I don't think this was necessarily a great signing I don't think it's wuite as bad as everyone thinks. Like GiantsFan said, the worst part is the fact that it's for 5 years. I think in that sense we "overpaid" by committing to him for too long. But as some of the other people have said, I don't think 12 mil/yr is too bad. He might not put up the numbers, but Rowand will bring an intensity and passion that the Giants have lacked for a while. He plays hard nosed baseball and we need someone like that to counter the lazy bums we have (read: Pedro Feliz). Who knows, maybe in 5 years Rowand becomes a great clubhouse presence?
Anyway, like I said, not a great sign, it seems like Sabean made a move just for the sake of making a move. Granted, something needs to be done to overhaul this team but this wasn't a great off-season and we could have held out a little bit long. But hey, at least we didn't lose Cain or Lincecum... yet