Well, I'm not stating that he'll win the Cy. But, as with Pavano, Millwood has the potential to be very good as well, having two seasons just as good as anything Pavano has done. And, like Pavano, he could stink it up next year. You seem to be forgetting that Millwood is only 1 year older and has only been around 1 year longer than Pavano. If Millwood is "established," then so is Pavano.
All that said, he can be a solid #3, something Byrd or Wright likely won't be. And, unlike the Yankees, most teams can't have a #1 or #2 in each spot in the rotation, so they actually have to put a rotation together on a budget with an acknowledgement that you sometimes you can only afford to have a #3 or even #4 starter, if properly priced.
So if they trade for Hudson and sign Millwood for 1 year and app. $5M, I could see Braves fans being very happy.