I also don't think there is any reason to evaluate the two Pence trades as a single trade. The Phillies lost both trades, period. They didn't get enough production out of Pence during the time they had him, let alone a championship the year they traded for him. They bought him at the peak of his value, sold him when his value was lower (further depressed by the fact that he wasn't really being traded for baseball reasons) and, to add insult to injury, he outplayed every other Phillies OF for the remainder of his contract (which was supposed to part of the value when the Phillies acquired him, the longer term controllability). But apparently Nate Schierholtz is doing ok for Toledo, maybe the Phillies could pick him up and squeeze a little more juice out of that lemon.
I never understood why they traded Pence. I remember posting that he wouldn't be traded because the Phillies still believed they could contend the next year and Pence was still under control. It made no sense. Clearly they hung on trying to contend when they were sliding downhill. They should have followed through on the Pence trade by attempting to rebuild. It never made any sense to me. If they believed that Pence was a good player, then suddenly giving up because he was having an off year means they had no confidence in their original decision to go get him.
I thought it was pretty obvious why they traded Pence. One, they mismanaged the roster and were up against the luxury tax, two, they thought they had acquired an all-star (which he literally was) but he was more of a complementary player, and they were disappointed he failed to carry the team when the other guys got injured, which was a failure of their expectations more than his performance.
Many, of course, have argued they never should have acquired Pence at all, and doing so was more about public relations and overvaluing name veterans when the 2011 offense didn't really need an upgrade.
I do agree though, that having retained Rollins and signed Papelbon and with Halladay and Lee and Howard under contract, they not only should have kept Pence but probably should have re-signed Victorino. Instead we got Delmon Young and Marlon Byrd and Revere.