I've never seen him play, just going by what others say. Jonathan Wilson said it was a pretty ridiculous price to pay and claimed the original deal was worth about £2m but the hype allowed Velez to up their asking price.
Very odd, though - reports came out last week that we both had offers accepted, and on twitter Alvarez (account confirmed as real by team-mates and journalists) said it would be his "dream" to play for Arsenal and he was "hoping to God he would be able to" so everyone naturally assumed Arsenal had a deal in place and then someone said Zanetti and the Argentinian contingent at Inter persuaded him to go there... But then it came out that we were playing silly buggers with the fee and wouldn't go above about £10m (could be less, I'm really confused!).
you could have virtually stolen him at 2 million up front (there was a fair amount more in add ons though, closer to 7million overall) Inter came sniffing, naturally Velez upped the fee, and Wenger dallied, perplexingly. Bit of shame really, would have been good to seen him in the prem, on the other hand, it makes United's life that much easier in chasing Sneijder