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Title was just too good to pass up when discussing Cappuccino moving to Seattle.  :-)
No, Cappy isn't a star.  I've actually always liked Cappy.  When Milwaukee traded SEXSON to Arizona, I thought Cappy would be the real value they got.  Didn't turn out quite so well, though.
Here's the thing, though.  Cap's HR problems are REAL.  He had fantastic numbers in the minors, (a 0.5 HR rate).  But, in the majors, he's been consistently around 1.3.  But, this has NOT been a park-effect.  He's *MUCH* worse on the road - 62 road HRs 48 home - in 75 fewer innings. 
The comps to Vargas are scary in MANY ways.  If you look at career stats, BOTH guys have a *HUGE* home skew - Vargas OPS home/road is: .681/.832!!! Cap's is: .719/.837!!!
So, before you go adjusting for Safeco, understand that the numbers suggest Cappy was ALREADY getting a major home park edge where he was.  (I'm no expert on Miller Field - just saying what the numbers indicate). 
But, that .837 road OPS (in the NL) should be a concern. 
Cappy's career OPS vs. non-pitchers = .811 -- (Vargas comes in at .770).
My take on Cappy in Safeco would be he'll suffer the "normal" NL to AL 1/3 of a run increase in ERA - making him a 4.30-4.50 pitcher in Seattle.  Yes, *IF* Seattle can reduce his HR rate to under 1.0, he's got the chops to be a decent #2.  But, this is not a guy "likely" to see a big gain from moving from a hostile to a friendly park.  His road career ERA of 4.66 likely goes to over 5.00 in the AL, regardless of how much Safeco helps. 
Vargas?  Who Doc notes is destined for an ugly future - in 2010, he had a 4.85 road ERA.  Running a 2-run differential between home and away is extreme - even when the club runs a 1-run difference as a team. 
Mind you ... this is not to say the team should pass.  I agree with the assessment that the Mariner rotation is severely suspect beyond Felix.  (I could quibble that I think Fister is the dead-man walking while Vargas is a likely passable #4 - but the math doesn't really change.
Fister may be the second coming of Mark Hendrickson or Silva -- and Vargas may just be the next Pineiro to flash and flop and move on from Seattle.  But, the basic reality is that it is HIGHLY likely that 2 (or more) of the 2-5 guys in the Seattle rotation are going to pull an EOF/RRS style swan dive in 2010. 
Unfortunately, for whomever the club opts to get, I think it also likely that any defensive benefit playing in front of the Ms defense will also be smaller in 2011 than in 2010.  With a team EXPECTED to finish last - and with no "good" pitchers (beyond Felix) in the rotation, the ability to stay "up" for games defensively is almost certain to suffer.  I think the club will be lucky to finish 7th in DER this year, unless they find some breakthrough arms VERY early in the season.