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The one thing I do like about Baker is how he rails against Mariner ownership and their distaste for winning big when they have the resources to do so.
And yes, prospects are overvalued now....  sort of.
I stand by my assertion that building a winning team is about getting the best 25 guys on the team by whatever means necessary.  A bold statement, I know.  : )  But it bears consideration when arguing about how to build a roster, deciding what players to trade or keep, etc.  And Baker's right, if you're willing to spend the money you can build a team in a year vs. 10.  We watched Gillick do it.
But Baker presents this as too simplistic.  The idea is NOT 'prospects are overvalued'.  Because if you look at WS winners, you'll see that most often- almost all the time - the team won with a core of internally developed talent.  The Giants won with thier home-grown pitching core.  The Yankees with Jeter, Pettite, Rivera, Cano.  Phillies with Utley, Howard, Hamels. And so on.
You would have a difficult time convincing me that the Phillies overvalued Utley when he was a prospect.  Or that Jeter, or Lincecum, or any of those guys were 'overvalued' while in the minors.  They became the heart and soul of championship teams. 
This is why, I imagine, Sandy argues to grow your home superstars first before acquiring free agent ones.  It's hard to find a case where a team did it without homegrown superstars.
So I'm not so sure teams overvalue their great prospects.  Teams know that if they're going to win, they need to have a few of them be studs in MLB.  And you can never be quite sure which prospects will turn in to HOF-type players.
This is where a Zduriencik or other super talent evaluator is key to the org.  You need to be able to shuffle out the mid-and high-mid prospects - even very good prospects - for great ones who can be difference makers on championship teams.  And keep the great ones!  (*coughchoocaberacough*)
Z is playing chess while the blogosphere plays checkers.  His mantra of improving the talent level in the organization is a simple principle with wide ramifications.  More and better talent yields more and better chances at impact superstars, and more and better opportunities to trade for impact superstars or higher-grade prospects.  He's building a war chest.
This is all just stars and scrubs basics of course...
The M's have Felix.  Pineda.  Ackley.  That's 3 superstars.  Another one or two, an impact free agent or two, and the M's are knocking on the door of greatness.