With 11 draft picks, this acquisition certainly wasn't costly for Browns President Mike Holmgren as a potential short-term answer at quarterback. Wallace is someone who is familiar with Holmgren's West Coast offense—which, to some degree, will surely be employed.
This trade surely spells the end for Derek Anderson. That was already a given, but this is just the final nail in the coffin.
Wallace leaves the Seahawks after an eight-year stint as a backup to Matt Hasselbeck. He is certainly an upgrade over the Browns current options and is likely not the last QB Holmgren will add. Look for him to bring someone else in to compete with Wallace in training camp, along with Brady Quinn—if he doesn't get shipped out, too.
He has a fairly decent career stat line that includes 13 starts:
333/556, 59.9 PCT, 3,547 YDs, 6.4 AVG, 25 TDs, 14 INTs, 83.1 QBR
I am sure there are several teams that would have swapped that production for what they got out of the quarterback position last season. The Browns are certainly one of them.
It's been the general perception that Wallace could be a potential starter for several teams with below-average options at quarterback.
This very well could be his chance.