I wasn't in favor of the Pirates' decision to non-tender Capps, but the contract he got from the Nats is roughly comparable to, or maybe a little greater than, the amount he would have gotten in arbitration. If he'd recovered from a poor 2009 season, he probably would have generated some trade interest, which I think would have made taking him to arbitration a good idea. But at least it's now clear that the Pirates didn't undervalue him by much.
It's interesting that the three teams most interested in him were the Nats, Cubs and Mets. None of those are particularly well run franchises. I wonder why more intelligent teams weren't among the top contenders.