Edmonton has apparently added to their relatively impressive stock of top 6 forwards. Beyond the potential for more goals, it's probably encouraging for Edmonton fans to see an UFA coming to town rather than leaving.
The details of the deal are still rather sketchy, though tsn reports it's going to be a one year contract (provided Sykora passes a physical exam). The level of monetary compensation is still up in the air, so your guess is as good as mine - not that it's an issue for the Greasers. They have a bunch of cap space.
Assuming the deal goes through, the Oilers will have up to 15 players available to fill out their forward ranks come training camp (that number includes rookie hopefuls MA Pouliot, Brad Winchester, JF Jacques, Rob Schremp and Alexei Mikhnov). While their d-ranks are rather barren, Edmonton is literally bursting at the seams with forwards. One can reasonably expect, therefore, a Raffi Torres+prospect for NHL-ready defenseman type trade before the start of training camp. I would expect the Dallas Stars, who have 2 defensemen too many, would be a natural trading partner.