For the most part he'll be under-rated. You don't pitch an entire season that well by fluke. Call it what you like, but he was reported to have learned a new pitch last season, got out of 2 notorious hitting parks (Arlington and SkyDome), and no longer had to face AL East hitters on a consistent basis.
Here is what I see from him:
3.55 ERA, 1.25 WHIP, 16 W, 200 K. Wherever you rank a player who will get those numbers, that's where I'd rank Loaiza.
"Jack, will you call me, if you're able?"
"I've got your phone number written, in the back of my Bible."