Since I was one of the few (if not the only person) who was opposed to the Bucs cutting ties with Brian Griese in the first place, I guess it's only fitting that I defend the trade to bring Griese back as well. And for the record I feel some what vindicated in my original argument. So, here's my latest argument in support of Griese....
1. Depth - Gruden's strategy at this point is clearly to bring in as many arms into training camp and see who emerges as the second stringer. Jeff Garcia is clearly the starter but no one behind Garcia on the depth chart is lighting the world on fire. Luke McCown could eventually be decent but he may have hit his ceiling. I'm still trying to figure out why Bruce Gradkowski is on the roster (I have a theory involving pictures of Gruden and a donkey). And Chris Simms is still looking for his spleen.
2. Cost - I'm assuming the Bucs traded at most a sixth or seventh round draft pick for Griese, which is nothing for a decent quarterback with playing experience. Personally, I think sixth and seventh rounder draft picks are worthless (although there are always exceptions such as Tom Brady and Marques Colston).
3. Familiarity - Perhaps this explains why so many Bucs fans have contempt for Griese. If nothing else, as TK pointed out, he knows the system. And Gruden knows what he's getting with Griese, a quarterback who just a few years ago looked like the Bucs future quarterback.
On the other hand, there's a perfectly legitimate reason to despise Griese, namely that he is a poor man's Trent Dilfer. For a guy known as a game manager Griese has a high interception percentage (4.6%), the second highest among starters with five or more starts. (By the way, I love the new Pro Football Reference site which along with the Football Outsiders site makes it incredibly easy to compare player's stats.)
Another quick note in defense of the Bucs, they have had a lackluster free agency so far, especially for a team $44 under the salary cap. But with the exception of Randy Moss (whom the Bucs never had a shot at anyway) there weren't any outstanding free agents this year. And with the limited number of free agents available teams ended up over paying for free agents at the in-demand positions, namely receiver and corner. As it is the Bucs grossly over paid for a center.