Theo, on more than one occasion has said that this might be the year they take a step backwards so that they can ultimately take step forwards in 2011 and 2012.
I think this is a precursor of letting Bay walk because he isn't the high batting average, power hitter that the Sox so desperately like to have in the 3,4 and 5 spots in the order. Bay is a below average fielder that is made to look better in Fenway. He strikes out a ton and even though he'll give you 30/110 he will struggle to hit .280 and will end a lot of innings and rallies with a ton of strikeouts.
Hermida will be a stop gap, good defensive replacement to start in left and give Tito the option to move him to right when Drew eventually gets hurt. The Sox are going to let Bay go, they'll probably live with Varitek, Papelbon, and Lowell and probably Papi for one more year. But look for a ton of payroll to come off the books after next year and for the Sox to go nuts in the 2010 off season.