I do think that James is a little above average, especially for a bottom of the rotation starter.  But I also beleive we have seen the best of Chuck James.  First off he is around 26 years old and if he hasn't even begun to develop a third pitch by now I don't think its gonna happen.  Second, he had shoulder trouble this year....some would say "fatigue", I think the Braves see this as a warning sign and would like to unload him while he still has some value left.

Anyone that has ever played baseball or pitched understands that the way Chuck throws the ball is all arm/shoulder, he doesn't use his legs and there is little or no follow through at all, thus creating a tremendous strain on his shoulder/arm.  This way of pitching leads to a couple of problems:

If you don't use your legs and follow through, your arm tires more quickly which leads to getting rocked in the later innings as well as "shoulder fatigue" later in the year (both of which we witnessed this year).

Not following through has a direct effect on the flight of the ball that you are throwing, which means if you aren't following through it is harder to keep the ball down. And if you don't keep the ball down, you give up 50+ homeruns in 280 innings.

All of this strain you are putting on your shoulder will catch up to you eventually and your career will not last that long. Look at Roger Clemens, he uses about 80% legs when he pitches, James uses about 10%.  

If James continues to pitch like he does, he will probably be an average starter for a couple of more years, but after that I only see him and his overused arm deteriorating - that is unless he and Barry Bonds hook up.  
So because of this I say Wren should get Dejesus now, because after another 20 or 30 homerun season we may be lucky to get a Chris Woodward for Chucky.

I guess the only thing left right now is extend Teixeira's contract and perhaps another SP.