A couple of things on the pick,
1) The pick becomes a 3 if Favre takes half of the Jets snaps this year. It becomes a 2 if the Jets make the playoffs and Favre takes 70% of the snaps. Lastly, (and all Jets fans would gladly take this deal) the pick becomes a 1 if the Jets make the Super Bowl and Favre takes 80% of snaps. At first glance the deal looks very good for the Jets because they are giving up very little. At last glance it also looks really good.
2) It is well documented that the Vikings were Favre's first choice of new team. Could the Jets have traded Brett to a Packers rival for a better pick than they gave the Packers? The answer to that question shows that the Packers did not consider trading Favre to a rival (NFC North team). The Jets would have had to give the Packers 3 first round picks if they trade Favre to a Packer rival. That absurd sum made the double trade scenario impossible.
Yaros
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