Maybe I'm biased, but I'm not sure that being "old" or "past his prime" is necessarily the kiss of death to his value as a hockey player. Yes, he's "old" (by NHL standards), and it's true he won't be making any all-star teams or contending for any Norris trophies anymore. But... he looked fine to me last year. Still pretty snarly and tough in the slot and the corners, not as mobile, not carrying the puck as much, but probably better at making the smart plays to clear his zone than most of our guys. He logged 21 mins a game in Detroit last year, which is no mean feat with Lidstrom devouring half a game and Schneider at 24 mins.
My reservations on signing him are purely financial-relative-to-his-stature-in-the-game, really. Like raketheleaves above, I think he can contribute just fine. We carried Quintal last year back there. I'm pretty sure Chelios could play better in every zone than Quintal. And yeah, maybe he could help tutor Hainsey... teach him to channel his party energies in only the right establishments, show him where it's safe to take a leak and where it's not, and he might be able to introduce him to some classier ladies than he's used to... you know, really help straighten the kid out.
I ran into Chelios and Svoboda at Annie's (used to also be on on Parc) and they were just surrounded by every chick in the house....about 50 chicks or more and they handpicked a few and split. So Chelios was a wildchild like Hainsey.
He'd also help Komisarek with his positioning and ability to move the puck, get off a quick shot. Heck, all of our D need help, except maybe Markov.
Then we could even hire him as a coach after if that's the route he wants to take.
Well, there's old and then there's ancient. Chelios is 43 freaking years old! After an entire year off (sure he played 20-some games in the UHL, big fat deal!) and eating his own made chili everyday, there's no way in heck this guy will be able to keep up with the pace of the new NHL.