As far as the signing is concerned, I think the price is quite fair for a competent, young defenseman, though perhaps a little high. Then again, thinking it's high might just be the result of the Regin bargain being too fresh in my head. Regardless, keeping Campoli in the fold is the right move in these circumstances: Murray clearly had high hopes for Campoli when he traded Dean McAmmond and a late-first round pick for him and Mike Comrie, and though he has not met those expectations, he really came into his own following the Olympic break and throughout the playoffs. If he is the player we saw at the end of the 2009-10 season, then keeping him a Senator is a smart move to make.
This move adds yet another body to an already crowded blueline in Ottawa. Currently, the Sens have Sergei Gonchar, Chris Phillips, Filip Kuba, Brian Lee, and Matt Carkner on one-way deals. Erik Karlsson is a lock to start the season with the big club, and prospect Jared Cowen had a very impressive rookie camp, leaving some to believe he'd have a shot at making the team as well. If Cowen does make a push for a roster spot, it'll be interesting to see how Murray makes room for him on this blueline.
UPDATE: Steve Lloyd of the Team 1200 is reporting that Campoli played with a hernia last season, and had surgery for it 8 weeks ago.