Say what you want about Pro Bowl not meaning much...fine, there's some truth to that, but Mr. Peters was an All-Pro last year, which means he *IS* considered to be one of the very best at his position.
In my opinion, he was worth the money he was asking. And no, I don't fault any NFL player for holding out, ever. When players can be cut because they've underperformed a "contract", everyone should expect to get holdouts when they overperform their contract. If the contract was guaranteed then its a different issue in my book