The Yankees and Braves agreed to a trade that solidifies New York's rotation and gives Atlanta enough payroll flexibility to pursue a bat. The Yankees acquire Javier Vazquez and Boone Logan in exchange for Melky Cabrera, cash (according to ESPN.com) and prospects Mike Dunn and Arodys Vizcaino. We first heard of the trade talks from Buster Olney, Joel Sherman confirmed that the Yanks were after Vazquez and Jon Heyman provided the details. Check out an in-depth chronology of the trade here.
The Yankees re-acquire one of the better, more durable strikeout pitchers in the game. Vazquez has pitched 198 innings or more every year of this decade and he's struck out at least 150 batters in every one of those seasons. You can make the argument that he was one of the best pitchers in the NL last season, whether you like advanced stats (6.6 WAR) or simple ones (2.87 ERA, 238 Ks).
The Yanks also obtain Logan, a 25-year-old lefty who has been hittable so far in his major league career, and the chance for compensation picks after 2010. If Vazquez becomes a Type A free agent (he would have been one this year) and turns down the team's offer of arbitration to sign elsewhere, the Yankees would get two top picks.
As Dave Cameron of FanGraphs says, the Braves obtain a decent outfielder who's getting paid less than what he's worth and a prospect with significant upside (Vizcaino), all while saving $8MM or more (I'm guessing Melky makes $2.5-3MM next season). The Braves dealt from strength and the pitchers they obtained have lots of potential, if you ask MLB.com's Jonathan Mayo.