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Okay, since I've become the prime citation for not going after Fielder, I think everyone gets where I stand on him specifically.
In terms of 2nd tier FAs ... I'm also with Matt.  The club has so much ready-to-look-at talent you essentially can't bring in a body without blocking someone with equal upside.
That said ... so what "kind" of deal might I be pondering or exploring in regards to getting better NOW?
I've mentioned Kemp already.  Why?  Because he's youngest of the big bats and he's also a plus defender in a position where the club was a disaster in 2011.  Kemp is probably not available.  But, to me, he fits the current Mariner "needs" better than Fielder does.
Another name that has come up is David Wright.  If you're going to spend large, I'd prefer to spend the money where the club was weak in 2011.  Mind you, I'm a Seager fan.  And while my preference would still be to see what we've got before jumping at the big score ... Wright is 29 next year, and as a 3B, he fits in much better with where the club was weakest positionally in 2011.  He's also coming off a down year, (buy low), and has played his career in a pitchers park.
I think one of the variables in my calculations is the desire to avoid "buy high" candidates as much as possible.  Fielder and Reyes are each coming off solid years, (Reyes a career year).  Even as some of the savvier pundits note that Reyes has injury issues and 2011 was a career year, the group think position on Reyes has many treating him almost like AROD of 10 years ago. 
Note also that this variable would have me wary of going after Kemp "at this moment".  (Remember, my basic position is to wait until next year to make the big move, after we have a clearer picture of what the club actually needs).
But, if you aren't going to wait until after you know which prospects are the ones who are going to stick ... then my argument would be it becomes absolutely imperative to upgrade your offense precisely where you are the weakest at this specific moment.  Those positions are CF and 3B.  In absolute terms (and even relative to position), 1B and DH trailed only 2B in actual 2011 production. 
While I see 1000 different plausible scenarios, the one I'd rank #1 at the moment for 2012 would be something like:
Casper's bat is solid productive, but he proves to be a solid LF ... but not up to manning CF.  So, Guti is playing CF, and struggling to post a .600 OPS.  Carp and Smoak and Ackley are hitting up a storm.  But, since Casper is productive, Carp is getting most of his time at DH.  The other OF prospects were deemed to be not-ready-for-primetime by the club during ST.  Ichiro is batting .700 and stealing bases.  Ryan and Seager are putting up adequate batting lines, but nothing special.
Thanks to stellar pitching and an offense that is approaching average, the club playing .500 ball.  The positions of need are CF, Catcher, RF and 3B.  Z starts spinning up a trade to upgrade.  Realistically, he cannot upgrade RF.  Ichiro isn't playing bad enough where that will sell, but not playing well enough to not need to upgrade somewhere.
So, by mid-2012, the club could REALLY use a CF, because if they can plug CF, then in 2013, someone from the OF prospect pool probably will be ready to step in for Ichiro. 
The problem with getting Fielder to START 2012 is that it moves Carp to a fixed position in LF and if Casper cannot handle CF, then you still have the same need come mid-2012 ... except you've already spent $20+ million to get you to the same spot.
Other scenarios would include a productive OF, but a disaster at 3B.  Going after Wright or ARAM or Youklis or Reynolds might be the best move to improve.
My position is still that the club doesn't have a clear idea of what it needs.  And a year from now, it could turn out to be that Fielder is exactly what the club needs (and needed), IMO, that is only likely if Smoak or Carp implode.  And, frankly, if Smoak or Carp implode at this point, then the club has too many holes for Fielder to make a difference anyway.
Me?  I don't believe in the once-in-a-lifetime scenario.  There WILL be another Fielder next year.  Just like people postulated going after Tex ... and then Dunn in previous years.