I'm cautiously optimistic about this, just like I am with anything a sports team from Toronto does. It's a huge improvement over what they had last year, but then again that is what they said about last year's team and look at how many playoff games they saw.
The optimist in me looks at this deal as almost a win-win regardless. They went out and got some great players and/or bargaining chips (like Johnson). On the proverbial paper they should be better. In the event that they do not improve much next year which could happen because of injuries or general bad luck, I don't feel that they sold the farm regardless.
The Jays did part with some solid prospects but as they are just that, who knows if these guys would have become factors in a Jays uniform anyways. Alvarez could become a #2 or #3 guy and if that happens, well it wasn't going to have with the Jays. The only player I regret seeing go is Hechavarria but he wasn't a full time major leaguer, plus with Reyes coming in, he would have had to switch positions anyways. (I'd recommend to 2nd base)
I think C.K Lawrence nailed it that the Jays could use a proven reliever or two although I also think 2nd base could use an upgrade as well. Catching will be interesting because Arnaud has got to play eventually. Like Arenecbia before him though it may take some time.
