Much like the Jason Phillips signing (and any minor league deal, really), this is a low-risk signing. If Weber shows flashes of his old self during spring training, he might make the team. However, it's much more likely that he won't crack the 25-man roster come opening day.
After four above-average seasons the Angels, Weber's production has fallen off that metaphorical cliff from which most players over the age of 30 inevitably plunge. After posting ERA+ totals of 139, 171, and 158 from 2001-2003, he only managed to post totals of 57 and 55 the past two seasons. A monumental drop in production, to be sure. In addition, he's had trouble staying healthy, which, along with his ineffectiveness, explains why he only appeared in ten games last season.
With the amount of money relief pitchers are "earning" nowadays, Weber has been financially unlucky throughout his career. Since his most productive seasons occurred during years in which he wasn't eligible for free agency, his highest salary to date is the $900,000 he earned in 2004. I'm not going to lose sleep over this, obviously, but I think it's a slight injustice that Scott Eyre will make more money in one season than Weber has in his entire career.