Don't get me wrong...this isn't about hatin'.
The simple reality is that Frankie in a Mets uni is about the same as Frankie in an Angels uni, which is to say, exasperatingly uneven.
He has four saves thus far, and started the season looking bulletproof. Recently, however, he has seemed more vulnerable.
His last appearance, he came into the game just to get work, with the Mets leading 7-1 and coming up against the 6-7-8 of the Marlins' lineup. He walked the leadoff batter on 6 pitches, got the next two out, walked the #9 pinchitter on 8 pitches, then got the #1 (Bonifacio) on three straight strikes. 26 pitches in the inning to get three outs.
His prior appearance, he began the 9th against the Nationals (or, if you prefer, the Natinals) with a 4-1 lead, again facing the 6-7-8 hitters. He gave up a single and a home run before getting the next three outs, 22 pitches to get three outs, two ER runs given up in the process, and the game made much closer than it needed to be.
This is the way he was in Anaheim last year as well. Granted, in his appearance against Milwaukee 4/18, he started the 9th with a 1-0 lead and was nails against the 3-4-5 of their order (Braun, Fielder, Hardy), giving up a single to Braun, striking out Fielder on three pitches and getting a strikeout/throw-em-out double play on Hardy and Braun. He's very good when he's good, and I wouldn't imply otherwise.
However, I maintain that Fuentes is better than he's shown us thus far, and will improve as the season progresses (as Speier has done). Frankie will essentially be the same guy he is now. Unfortunately for the Mets, that team needs one or two quality starters more than it needs a premiere closer, while the Angels are, by and large, getting the sort of starts which give the team a chance to stay competitive in the game.
For less money, the Angels are adequately protected in the 9th, while keeping the money which would have been allocated to Frankie open to provide the team more necessary parts. Fuentes may pitch enough to vest his third year option or he might not, but the team isn't without internal options. The Mets, on the other hand, have placed a lot of eggs in Frankie's basket, and I would be surprised to see him being the difference in 2009 between postseason play for the Mets and an early start to the fishing season. As Frankie's salary climbs over the next two seasons (and possibly vests for a fourth season), the Mets may well regret paying that much money for a guy who plays only in the 9th and who is valuable only with a lead of 0-3 runs.
I think Reagins chose wisely in electing to pursue another option.