If we're talking about '05 and '06, then we don't need to sign somebody now, we can wait till next year. Signing pitchers to long term deals is riskier than hitters. The Mets probably aren't going to contend this year, so we shouldn't take on any contracts that we'll end up regretting when we're trying to win in '05 and '06.
This is, incidentally, very similar to the argument I made last year about why the Mets shouldn't sign Glavine.
And if we're going to shell out for a big money free agent, then I'd rather spend a few extra mill on Vlad, who would help the team a lot more than Millwood.

And next year there will probably be better pitchers available. Pedro? Wood? Morris?
And Kazmir will be ready!