Well, he didn't get a ST invite (although he might still end up playing in a split squad game as he has done the past couple of years) and the theory seems to be that he'll be starting the season in Trenton again, mostly due to the Yankees having a lot of bullpen depth already, which would imply it's going to take an injury or two for him to be promoted.
Here's an article form yesterday:
Pat Venditte: Novelty Act or Viable Bullpen Prospect? | New York Yankees blog, Yankees blog, A blog about the New York Yankees | The Yankee Analysts