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In 2002, the Phillies won 80 games and spent $58 million and had not made the playoffs since 1993.
They went out and got Thome and Millwood and won 86 in 2003.
Year - wins - $
2002 - 80 - $58
2003 - 86 - $70 - (add Thome/Millwood)
2004 - 86 - $93 - (add Milton / Wagner)
2005 - 88 - $95 - (no major additions)
2006 - 85 - $88 - (dumped Thome after '05 - trade Abreu in July)
2007 - 89 - $89 - (Rollins @ $8 million only bat on team > $5 million)
In point of fact, the Phillies didn't "choose" to bring up Howard.  Thome got hurt and had season-ending surgery in 2005, so Howard's 88 game ROY season in 2005 was forced upon the Phillies.  It was only after Howard proved he could hit .900 in the majors that the Phillies started looking for a trade partner.
The winning also coincided with hiring a new GM, (because the guy that actually spent the big bucks on the high priced bats never won anything).  Gillick comes in, dumps the expensive bat - brings in Aaron Rowand, Greg Dobbs, Wes Helms and Jayson Werth and Philly wins the East.
Today, the Phillies are paying big money to RETAIN their home grown hitting talent.  They're sinking the bulk of their FA money into arms.  I see the Phillies as a clear case where my theories regarding big bat FA acquisition are completely supported.
FACT:  They spent a lot on Thome - they never won anything while Thome was there.
FACT: They dumped Thome for home grown talent - and picked up a number of meh under-30 guys who were hungry to win.  They won immediately.  The only significant FA money they've spent during their 5-year run was on Ibanez, who gave them two good years and one poor one.  But, Ibanez was never considered a 'savior' team leading bat.  He was solid, veteran filler for a team rife with star bats before he arrived.
The Phillies problem today?  Their entire offense is over 30 and the offense has been getting steadily worse since 2007.  The mega-rotation allowed them to continue their title string.  But, their offense has gone from 892 runs in 2007 to 713 runs in 2011.  They have managed to assemble a day-to-day lineup not far removed from the 2003 Mariners. 
In order to stay on top as their offense fades, they have effectively doubled their payroll from 2007 - ($89) to ($172.9)
And just fyi, Phillie still owes Thome another 1.25 million in 2012. 
The Phillies may have one more year in them ... but if they don't make some significant moves to make their lineup younger, they will likely crash a lot like the 2004 Ms.