I think they went a bit overboard money wise, but he's a great player with a ton of potential. There's no doubt that Portland have constructed a more than solid team which will go a long way this season. How high they get is really up to them, I think, they have a great group of players.
When you got a guy like Fernandez on the bench is because you know how to get players and to construct a team in the long run. They've made great progress in a long term building project, and its turned beautifully. They've had great vision in the players they've acquired. So, like I said, IMO it's really up to experience (or lack thereof) as a team of how high they get this year in the playoffs.
When you see a team like that and what its taken them to get to that point you wish you had people with that vision on your team. I'm not dissin' on DW or Mike D, I respect them quite a lot for what they're trying to accomplish. They might not say it, but I think it's something quite similar to what Portland has done, except DW is trying to create via of FA mostly (I can see him even keeping flexibility through 2011).