Looking at the Cubs' current infield situation, I can't say that I think this is a bad deal. For one thing, Hundley has not been happy or productive in Chicago, and getting rid of his salary was obviously a high priority after the Cubbies picked up Damian Miller and Paul Bako.
Meanwhile, the infield at Wrigley looks thinner than it's been since Matt Stairs and Ron Coomer were holding down the corners (although I'm not sure I would have called them thin, exactly). With McGriff's option declined and no chance in hell that he'll be re-signing, Hee Sop Choi is really the only 1B choice they had. If he turns out to be a bust (and some of us here still remember the Gary Scott fiasco), then they've got nothing but Mark Bellhorn keeping pick-off throws from flying into the dugouts. Not that Bellhorn isn't a capable first-baseman. I actually think that the guy is great. But taking a look around the infield shows that he may be needed elsewhere. As a true utility man who can play any position as needed, Bellhorn has been a godsend for my home-town team, but as an everyday 1B... that's just probably not the best place for him.
As far as 2B goes... if Bobby Hill develops into the hitter that we fans think he can be, Baker will have no problem sitting Grudzielanek on his .384 lifetime slugging-percentage rear-end. If Hill goes through major slumps, Grudz is there. Not a bad backup to have around. Plus, Hill has the ability (if possibly not the experience) to play 3B, where the Cubbies are extremely thin, while Grudz could conceivably move there or at least cover SS if Alex Gonzalez continues to be injured.
And speaking of thin at 3B, the Cubs pretty much sit with Chris Stynes (slow, poor average, little power? where do we sign up? - at least he's a decent fielder), Kevin Orie (didn't we already give him a shot a few years back?), Augie Ojeda (a light hitting shortstop really, but he can field any position like a pro), and Mark Bellhorn. The only choice among those that doesn't give me fits is Bellhorn. Ojeda is a nice stopgap choice, or a late-inning defensive replacement, but hardly a starter even at shortstop.
So getting a few more options in the infield is not a bad thing at all. And even if the Cubs' hopeful starting infield is still likely to be something more along the lines of Choi, Hill, Gonzalez, and Bellhorn... well, it makes you feel a little better for the alternatives to include Grudzielanek and Karros (who probably won't be a backup even if Choi explodes - either one of the two will be moved to a different position, they'll be platooned, or Karros will be traded) rather than Stynes and Orie.