According to ESPN.com, the Padres have traded Bubba Trammell and minor league pitcher Mark Phillips to the Yankees for Rondell White. Lee Sinin's email was the first to let me know.

Earlier reports of the trade I'd read had the Yankees asking for Brian Lawrence, which was ludicrous.

White had a horrible season last year, as he was a well-below-replacement hitter. He's a good fielder in left, but not enough to make up for the bad bat.
PECOTA doesn't project him to be a valuable hitter this year, either.

White and Trammell are the same age (they're about four months apart in age).
White makes $5 million to Trammell's $2.5 million. White's a better fielder.
They're essentially the same hitter, though White's "upside" is a little higher.
Plus the Yankees got an ok left-handed arm in the deal. Counting on the Yankees to develop that arm isn't a great bet, however.

I think maybe the biggest part of this trade is that Trammell is locked up through 2004, with a club option/buyout for 2005, while the Padres have no obligation to White beyond this year. White's also a more marquee name and so could be worth something interesting at the trade deadline.

Considering the players are essentially equal and that we're unlikely (just from a "no such thing as a pitching prospect" standpoint) to ever hear anything out of Phillips, I'll call this trade a minor win for the Padres.