I don't know how I feel about this...some thoughts:
1) Farmar and Petro are only signed to 3 year deals. Outlaw is signed to 5 @ 7 million per. I like Petro and Farmar's length. I don't like Outlaw's...well i would like Outlaw's, but not @ 7 million per.
2) NJ's biggest need to be a competitive middling team is power forward. They could sign Luis Scola away from the rockets, but at too much money and probably for too long a time. They would probably make the playoffs, but I don't know how much farther they could go.
3) New Jersey needs a competent scoring presence at the 3 or 2. I don't think anyone on that team has the ability, or will. Terrance Williams is a possibility, but not a significant one. None of these signings address that need.
4) If they were going to move forward with the intention of becoming an actual power in the East, they would stay away from Scola and not sign any contracts for longer than 3 years. If they want to play the game of being a first round exit for the next 7 years, they'll keep doing what they're doing, and they'll end up "2005-2007 Raptors" Redux.