I would have just signed Swisher rather than overpay for Hamilton, I think. A lot of risk in giving a long-term contract like this.
As for how good this makes the Angels, don't forget that Torri Hunter was more valuable than Hamilton last season. He's basically just going to be replacing that production. Greinke and Haren are also gone now. I'd expect them to be a playoff team, of course, but I'm not sure I'd call them WS favorites or anything.