Well, it kind of is. Owner's stupidity in one or two other contracts don't change this being an astronomical AAV at very long term. Will the Angels get a good return on investment (assuming he stays healthy)? Probably, the bat should still provide the value alone even as his speed and defense decline.
The best part about this deal is people being able to tell Tony Clark, and his complaints about the players not being paid, to go suck it. 3 of the top 4 contracts in MLB history have been signed this offseason (and I think 3 of the top 5 in all sports).