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Olivo's career average WAR per 450 PAs is 1.6. Hes ok if the park doesn't kill him, but its pretty much a stop-gap type as opposed to a well above-average/impact Gut/Nishoka type.
.346 BABIP last season (.302 career), so that'll regress pretty hard. His high WAR last season wasn't a reflection of true talent level.
You have to figure Safeco hurts him a little, but assuming it doesn't cripple him I'd guess he hits around. .235/.270/.410.
Technically, Olivo is a slight bargain at that price but I'm not wild about handing millions to 1+WAR type players. Its probably not a disaster deal, but its definetly not a long-term fix and the extra year makes it risky.