I liked the idea of getting a late-first or early-second round pick for Bengie Molina. I didn't like the idea that Molina could decide to join the Giants for several million dollars if he didn't like the offers he received out on the open market. Not sure how I feel about this yet, but if there was a 25% chance that Bengie accepted arbitration, the Giants were right not to take the risk.
Also of note: The Giants declined to offer arbitration to Randy Winn, Randy Johnson, and Randy "Bobby" Howry.