Sure for the stars with their mega contracts, but the late bloomers and non stars have suffered for it. Look at how many guys can't find spots due to how cheap Pre-arb and arb guys are in comparison. For what it is worth, players are taking home a smaller proportion of revenue now than what was offered then.
It also would have forced the Pirates, A's and others to spend more money, which I think everyone can agree would be good for baseball.