£12.5m is a lot of money for unproven talent - he has started about 8 games for Southampton in the Championship. A hell of a leap of faith by Arsenal or Chelsea for the lad, presumably there's a smaller payment up front followed by payments dependant on appearances / success etc.
I would argue that the timing of the transfer is all wrong. Why doesn't he continue playing first team football for the Saints - his big money move can come in the summer or next January, if need be. Another Shaun Wright-Phillips, I hope not, as Chelsea's embarrasingly deep pockets have affected SWP's form and certainly England's squad for the World Cup.
£6m for Andy Johnson?
£7m for Dean Ashton?
£12.5m for Theo Walcott?
£21m for Shaun Wright Phillips?
£28m for Wayne Rooney?
or Andrew Cole for free?