For Chacon's entire career (the exception being the year he was a closer) his Batting Average on Balls in Play has been well below the league minimum:
Chacon - COL
2004: .314 (closer year)
From this it appears as if Chacon may have the ability to control the rate of hits on balls in play. From what I have seen, BABIP is, on average, inflated anywhere from .015-.030 in Coors field. Which would make Chacon's figure for 2005 with NY...
2005: .240 BABIP
...make a lot of sense. My opinion is that Chacon's K/BB ratio is not of that much consequence over the course of a full season, although it can get him into trouble on any particular start where he is more hittable. He's not truly an ace or anything like that, but he is certainly a better pitcher than many give him credit for, even with the awful peripheral numbers. I'd love to see what Chacon could do with a real defense behind him, because then he most likely would look like an ace. New York's Defensive Effiency is .689, 22nd in the league.
I'm surprised he has not found his way to Oakland to be honest, but then again, they are loaded with kids in the rotation. Cleveland will need another starting pitcher if Millwood departs, and some people think that Jacob's Field suppresses flyballs a little, which would only make a pitcher like Chacon more impressive, since his G/F usually hovers around 1.00. Chacon is definitely an interesting study.