Who cares about his HOF credentials? What is he now? What was he last year or the year before? He's lost a step defensively and was outplayed by his substitutes last season - and he's 37.
Well, as I said -- his body type and skillset suggest that he is not a player that will turn out to have been washed up at age 36, and that the injuries will have had more to do with a couple mediocre to poor years than irreversible age-related decline.
If he does have a bounce-back year in 08, then keeping him will mean a productive bat and credible to strong defensive CF (I assume that if his poor years were injury-related, then his defense will rebound at least somewhat as well). It will mean another good hitter in a lineup that still has AP and has suggested the goal is to "compete every year."
If he does not have a bounce-back year, then at the end of it his contract is over, his salary and presence do not have a negative impact on 09 and beyond, and in an 08 season in which we are unsure of how likely we can be to contend anyhow, any deficits he brings to his spot on the field and in the lineup will be of minimal impact. Not that that's a completely negligible cost, but with the potential up-side, it's a reasonable risk to take. EDIT: and if the return in trade is a player about whom we have to search for semi-plausible reasons regarding why he hasn't gotten out of single-A ball before his age 25 season, the risk/reward ratio for keeping Edmonds in 08 becomes even more conservative.
And again -- if the money this move saves results on us spending it someplace else more likely to be productive -- or more likely to be a part of 2009 and beyond -- then the trade can be defended in other ways. Problem for me is, with the trade market being described as it is, and there being few useful free agents left to sign -- what will we do with the money we saved?
If the sole benefit is to create playing time for Ludwick, Ankiel, Schumaker, and Barton, then I personally find it to be another bad decision that does not adequately weigh the costs and benefits (at least, does not weigh them the way I would).
Along with Edmonds' health, Rasmus is a wild card here. If they have decided they needed to open up the center field job for him now, at least that is defendable. Debateable, but defendable.