If you believe this study, your answer is yes.
Baseball Prospectus' Mike Fast published the above study on the weekend and it certainly makes some stunning claims. The effect of a catcher on borderline pitch calls is huge, and Molina is by far the best in the majors, averaging about 35 runs per 120 games.
35 runs. That's 3.5 wins, roughly. Even as a replacement level hitter that would make Molina one of the top catchers in the game.
Of course, José is actually not signed for 2012. He's also gonna be 37.
Still, just when you think all the major stuff has been discovered in baseball analysis. A fascinating study.
https://www.battersbox.ca/article.php?story=20110927014046982