Don't discount the Isles ability to re-sign Vanek, should they want to at season end. They've had a number of players end up on the island who "didn't want to be there" only to re-sign later at or even slightly under market value.
I think a first, second and moulson was a bit steep, but when you look at the talent Vanek has I think this is simply a gutsy play by the isles. They're a .500 hockey team and this is not the lateral motion alot of CDC seems to think it is; Moulson is good, but it's Anson Carter-itis. He's playing with Tavares, of course he looks great.
If Vanek and Tavares develop any sort of chemistry, look out east coast. There's a reason Edmonton sheeted Vanek all those years ago, and not just because they were stupid.