Well, the only pitcher in recent memory to have success in Arlington was Kenny Rogers. Check out how well he and Millwood compare.<pre>
Pitcher LD% G/F BB/G IF/F K/G
Millwood 20.3 1.39 2.5 0.12 7.0
Rogers 19.7 1.42 2.4 0.13 4.0</pre>
Since the two induce the same kind of outs nearly identically, but Millwood strikes out more batters, it leads me to believe he'll also give up less homeruns than Rogers (albeit at the same rate per ball in play as Rogers).
Yanks04...it seems to me that Millwood is Rogers, statistically, but you also get 10+ years in youth in the deal. This deal at least makes some sense for the Rangers.