Between Utley, Reyes, and Hamilton, which would you keep? If you can only keep 1-2 guys, then I don't think it's a big fall off from Reyes to Utley or Hamilton in terms of a keeper. This year is important too, and judging by value for this year alone, no question you are getting a fine deal. Al Ramirez is starting to come around - don't stop believin' - and Zambrano is a good pitcher. V-Mart is the best catcher in the league.
It comes down to Al Ramirez being a much better fit at SS than Ianetta at C, Reyes being hurt, and Zambrano is the icing on the cake. I'd take this deal.