The Packers traded Brett Favre to the New York Jets, ending his storied career with the Packers. All things considered, this is as good of a resolution as the Packers could've hoped for. He's not in their division, he's not even in the NFC. In fact, the Packers don't play the Jets for two years, so they'll likely never have to see or face Brett Favre on an opposing team.
By acquiring Favre, terms of the deal aren't known yet but are thought to be one single draft pick that will be determined by how well the Jets do, New York will cut Chad Pennington and move Kellen Clemens to backup. This is an immediately better team with Favre on it. The Jets had made some moves in the offseason to improve themselves and this might make them a Wild Card team, when before they weren't.
From a fantasy perspective this really improves Laveranues Coles and Jerricho Cotchery (especially Cotchery). Cotchery could be Favre's Greg Jennings this time around and Coles could be his Donald Driver. This also has to improve Thomas Jones' value because now the passing game is relevant.
For anyone decrying what a jerk Favre was for coming out of retirement and doing this to the Packers, I'd say calm down. Things are fine in Wisconsin. Green Bay can still be a playoff-caliber team without Favre. I thought and hoped Favre would stay retired, but part of me is glad to be able to see one of the most exciting QBs of my generation back under center. And this resolution at least doesn't really tarnish Favre's legacy in the least. It was like Joe Montana going to the Chiefs. One last swan song, but his days on the Frozen Tundra will always be what he's remembered for.