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The M's didn't really trade Pineda for Montero; they traded a [#1 to #3/4 SP downgrade] for Montero. Noesi is looking at 180+ innings as Mariner in 2012.
Noesi comes into training camp an ML-ready power starter, with a located 94 heater, good command, and offspeed stuff that breaks left and right.
He could actually be an adequate #3 starter. In a perfect world Noesi actually becomes a TOR. This is where the blog-o-sphere is going wrong in its first reaction.
Campos was a great prospect but he hasn't yet debuted in the majors. Noesi is worth more than Campos is; the Mariners got TWO exciting young ML regulars for Pineda and a spect.