Not worrying about trade value at the moment, which includes appraising draft picks that we can't really know what they turn into yet....I think the Blues improved their team on the ice the most out of all the contenders.
I don't think the LAK move will bear fruit. Montreal with Vanek will make the post-season a little more exciting for them, but doesn't really put Montreal on the level with Western Conference contenders. Anaheim appears to have flubbed a move or something. The Penner deal seems odd, even simply for depth.
Minnesota is the move that should be the most interesting to Blues fans, since they project as our most probable first round opponent. I think their team is a bit better, but I don't think they're going to be able to challenge the Blues in a 7 game series.
The one team I really find fascinating is Tampa. They get rid of their captain, who seems to have been acting like a jackass...and bring in a quality player like Callahan (a pure rental) and get Stamkos back. We'll see if they can find some chemistry with their new lines, but I suspect this is going to be one of those moves where a malcontent moving improves the team a lot more than it should on paper. I also expect zero from the Rangers. Won't be the least surprised to find the Lightning in the ECF.