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Honestly, my view on walk-year issues is likely skewed from the general perception.  Majority of contracts are 3-yearish (after the 3-year slavery and 3-year arb periods).  Baseball loves threes, what can I say?  So, most players are in their walk year 1/3 of the time. 
Players are traded in their walk year to get "something".  But, the type "A" rules mean that even if Lee does walk, the club gets back some portion of the specs it lost -- (they're time-shifted backwards).  For me, the Bedard issue was never 2 years, and then he walks - it was always the health question - (which in hindsight was the right question). 
Phillies traded a Bedard-esque cache of specs to get Lee for 2-years, got their title in one year, and flip him to get most of their specs back.  It's only slightly short of having picked him up dirt cheap in FA.  For 2009, Seattle gets 4 months of Lee that nobody else will ever get.  If on July 29th they are out of the running, it is quite likely that they'll be able to trade him for deadline prospects just like happens every season. 
They traded for a CY winner with a (what is it - 9 million salary)?  If Lee was ALREADY getting 23-25 million, the landscape changes.  But, he isn't. 
But, ALL of that aside ... the Zig here is getting the guy into pitcher-heaven for a season and getting a year to seduce him to the Emerald Side.  "King and Kong!  You, gentlemen, have the opportunity to be the first best teammate aces of the 21st century.  Unit and Schilling only had a couple of years.  I'm talking about Maddux, Glavine and Smoltz type fame.  The kind where people argue over which pair of aces were the best ever over a decade.  From 2010 to 2020, boys.  You could be the next Koufax and Drysdale.  Spahn and Sain.  Ruth and Gehrig.  Okay, those guys were hitters, mostly.  But, we aren't just trying to win this year.  We're building a dynasty here, fellas, and with the two of you anchoring the rotation for the forseeable future, I can GUARANTEE you'll have the best defense you could hope for allowing you to post ERAs those guys back in the 60s would envy.  Whadya say, Mr. Lee?  Do you want to just go make a few extra million elsewhere -- or do you want to make HISTORY?