It's not entirely unreasonable to think that Cam is worth the pick, look at it like this:
1. The goalie market is saturated with retreads. Neuvirth, Niemi, Bernier, etc, have all gone to teams for a "fresh start" and have flopped.
2. Ottawa has two goalies, but Anderson is 34, and the asking price for Lehner is more than Talbot and yet he hasn't been able to play consistently at the NHL level when Anderson was injured. He had the chance to seize the role and the Hamburgler stole the job from him.
3. Eddie lack is available, but that'd be like the Rangers trading Talbot to New Jersey.
4. Chiarelli needs to make a statement move early on to show that he's not McTavish and his empty words.
5. Other teams want him. Pretty sure both San Jose and Buffalo have been linked to him.
It may not be just Talbot in the deal. The Rangers have pieces that Edmonton wants on the blue line, and they've been linked to Miller off and on over the last couple seasons. Maybe the deal is bigger than just the pick and Talbot. Chiarelli was after Girardi a few years ago as well.