I doubt it.
Two Phillies outfielders have gone to the NL West, which makes it that much more likely that - if the Reds do something - it'll be to trade for Juan Pierre. Shane Victorino went to the Dodgers for Josh Lindblom (ranked #7 in the Dodgers system by Minor League Ball) and Ethan Martin (not ranked by John Sickels). The Reds maybe would have had to part with Tony Cingrani/Daniel Corcino and a Stalin Gerson (or maybe even Lotzkar) to beat the deal for Victorino. I'm glad the Reds didn't give up two pitching prospects for a rental whose value to their outfield is up for debate.
Hunter Pence is the more valuable player, under control for another year. But, for one thing, he doesn't play centerfield and is down a notch from his 2011 campaign. I don't think Reds fans should shed a tear about missing out on these players.
I do hope the Reds would do something. If for no other reason than it gives us something to talk about. The rumored Lyle Overbay trade would have been a bargain bin move to improve the bench. I'm not sure I understand the Garza rumors, given his health, but there are ways to improve the pitching if no bats seem appealing.
The Reds can do something to improve the team. But they shouldn't do something just because the Pirates are making weird Travis Snider-Brad Lincoln trades. Also worth noting: there are some players out there the Reds could acquire through waivers after today at 3pm.
Three hours and counting until Pierre Time!