We're kinda rehashing ancient territory, but Pujols was more about marketing than it was about baseball tactics.
Pujols already had a ticket to Cooperstown punched just based on his career with the Cards - he can destroy it (ala Bonds or Rose) by doing something truly boneheaded, but he won't destroy it merely by becoming an average-ish to aging player with the Halos.
That's, in fact, the point. Arte probably expected a bit more production early in Pujols contract, but he was really making a statement: "This team is not the Clippers."
The problem is, we ARE the Clippers - Even when we're a better team than the other team in town, we don't have the following or respect, because we don't have the decades of history - and we will never have those extra decades of history.
But Arte saw a chance to take LA while that idiot from Boston was running things into the ground up at Chavez Ravine. And really, that was a once-a-century (at best) chance to flip-flop the Angels' and Dodgers' relative fates. So he went for it, full throttle. He signed the absolute best player in the game at that moment (who also, incidently, happened to be Latino). And then went on a media blitz.
Arte was counting on a couple things that seemed more reasonable than not at the time;
* McCourt would hold on for several more years, sinking the Dodgers further into mediocrity.
* Pujols had at least one more MVP-level type year in him, then maybe 3 more years of significantly-above-average play left in him. The back end of the contract would be whatever you could get, icing on the cake.
Turns out both of those assumptions flopped. We got Pujols not at the peak, but at the cliff's edge, and McCourt bowed out relatively quickly.
But that was the thinking, and really it almost did work. But now the team is stuck with the worst case out of the scenario - the entire contract turned out to be the back end, and then the rushed catch-up to patch that turned out to be even worse (thanks, Hambone). The money under the cap just isn't there for anything now other than a youth movement, and those are often agonizingly slow - but can still be pretty rewarding, look at Houston now, after all.