Byrd is a good signing for them.
Good in the sense that he addresses their need for a right handed hitting OF.
2/$16 million will quite likely turn out to be an overpay and certainly does nothing to address the Phillies' consistently aging roster, but it certainly isn't the type of deal that will kill anyone considering they no longer have Halladay's salary on their books. Considering that other likely targets - Beltran and Cruz specifically - would've cost them more in both years and $$$, it's definitely a much smaller mistake than they could've made.