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ERA+ AL standing:
1 OAK 137
2T LAA 112
4T SEA 109
4T TEX 109
OPS+ AL standing
6 LAA 103
7T TEX 102 (dropping fast, but both Josh Hamilton and Nelson Cruz activated today)
12 SEA 84
13 OAK 83
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We can pitch with these guys (add Shawn Kelley and potentially Lueke), but the other guys have good pitching, too (even if not as deep).
We can't hit with these guys (even adding Guti and Ackley).
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Upgrade to mediocrity wherever we can? Yes.   
Upgrade to mediocrity at LF/DH? No.  Not enough.  There needs to be a plus bat at one of those spots.  There aren't enough places on the diamond to add hitters.  /cosign with G on that.
Do I overpay for 1.5 years of Andre Ethier?  Not in an ideal world, but: OPS+ of 132, 131, 134, 130; RC/27 of 7.4, 6.2, 6.5, 6.1.   It doesn't have to be Ethier, but it does have to be someone who can produce consistently with the bat.
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This is not just an 2011 thing.  The team needs another consistent hitter, period.  But if we can get one on board while Pineda is hot and Bedard is healthy -- go with it.  2011 and 2012 are windows of opportunity now.  We thought 2013 and 2014 would be, and hopefully they will be, but that's actually less certain now than the current window.
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MWilson and CPeguero are cool and all, and more power to them, but to expect consistent major-league production from either of them is folly.  These types of guys may work out, but they usually don't, and buying a lottery ticket is not a retirement plan.
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That being said, I do not consider trading any prospect that I consider a "high percentage shot" unless that guy has an unlikely MLB future (as in, stuck behind Justin Smoak).  The need to keep building with youth is more important.  But other GMs might like the look of Alex Liddi's SLG more than we interdweebs do.  No harm in finding out.
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Sure, chances are it's not going to be Ethier, but there's no reason not to target him.  And if you can't get someone that fits what you need, then keep your powder dry.  But you need to fill that vacancy at some point.  No reason not to start looking now.