Thus far in his career Cedeno, who turns 29 in a few weeks, has hit .246/.286/.353. Despite his ineptitude in the on-base department, he's shown some flashes of moderate power, hitting 10 home runs in 2009 and 8 more in 2010 before only hitting 2 in 2011. Basically, the best-case scenario for Cedeno at the plate is Rod Barajas with a tiny bit more average and about half as many home runs.
While Defensive Runs Saved and UZR/150 consider Cedeno above-average at second base and just slightly below average at short, his game was good enough outside of his poor production at the plate for 1.1 and 1.4 fWAR and 1.0 and 1.6 rWAR over the past two years, respectively.
Cedeno's been mostly a regular player over the past couple of season with the Pirates, but if he continues to play as he has for the past two years and gets a moderate amount of playing time, he should at least be worth the $1.2 million he'll earn this season.
And if all else fails, perhaps you, like me, once had an AOL screen name using the name Cedeno because you were such a big fan of the 1999 Mets and will enjoy the fact that there's someone named Cedeno on the Mets now for nostalgic purposes.