The important numbers are 32, 37, 2, 3, 8000000, and 10000000. Pat Burrell is 32, and signed a deal for 2 years at $8M. Raul Ibanez, the guy replacing Burrell because he was too expensive and wanted too long a deal, is 37 and signed for 3 years at $10M per annum. Yes, their stats are roughly equivalent, but any way you slice the numbers, Burrell is the better bet going forward, and Ibanez has a much, much greater chance of turning into an immobile, Vaughn-like (Greg, Mo, or the late Arky - take your pick) monolith well before the contract is up.
The Phillies should be fine for 2009. However, it's in 2010 and 2011 - right around the time their core will start declining - that they'll really be feeling the bad effects of this deal. And as a fan, it's a hard thing to watch in what should be an offseason of celebration and hope.