The Reds get Mat Latos for Volquez and two of their top prospects, 1B Yonder Alonso (who, I believe, some people wanted the Indians to target) and catching prospect Yasmani Grandal, along with a RP prospect. Both Alonso and Grandal were blocked by superior players/prospects (Votto and another catching prospect, Devin Mesoraco).
I see this as a comparable haul to what the Indians gave up for Ubaldo. Both he and Latos are top-flight pitchers; Jimenez with the higher ceiling and Latos being more consistent but has had shoulder problems. Latos is younger but deserves a long-term contract that will buy out a few arbitration years and there's a good chance would be more expensive than Jimenez's very favorable contract.
For San Diego, kind of puzzling since they already have 1B Anthony Rizzo but they certainly got value for Latos and could be looking to further move Alonso, in which case I would still be interested for the Indians.