Zito's an enigma….. He's off to his best career start, agree with Dolemite that Zito isn't a "strike-out machine", but his ERA, WHIP, and BAA are amazing.
I currently rank him within the top-15 of starting pitchers, slightly above mid-tier. Zito obviously was a CY Young caliber pitchers for several years, but for over the past 3-years he had been reduced to nothing more than workhorse (innings eater), but he seems to have rediscovered himself. Also, with the vast ascendence of Matt Cain, it has taken pressure off of Zito because essentially Cain has now emerged as the counter-punch to Lincecum.
What does this mean to Zito's value? Zito will be turning 32 on 5/13, he has the arsenal to perform at a relative peak level for another 2-3 years and the window can be extended if he further improves all his breaking pitches….He obviously won't post the 92+ mph as he did while in Oakland, but several LH starters have prolonged their career with developing sharp off-speed pitches which can even make their 86+ average mph fast ball seem faster than it actually is…. It appears Zito has improved because he's spotting his breaking pitches more efficiently than in past seasons and becoming more of a "pitcher" than just a "thrower"…. Also, his control has vastly improved as he's made a smooth transition.
I would try to sell high, buy low though…. He's available in 14% of leagues and again can benefit managers in 3-4 categories.