I think the fallacy most people are making with Lloyd is that he's coming in to be our "deep threat". If signed, I think it would be better to think that he'd be taking over the Deion Branch role in the offense. He doesn't and never has had "deep speed". His "deep skill" is the ability to catch the ball even when covered.
Give him Deion's looks and catches, and I think he'd be an upgrade because he can do more things. However it still remains to be seen about adding that "speed guy" who threatens a defense and opens up the underside.
Options -
1.Braylon Edwards would be a cheap fix....and really piss of Jet fans. Big, physical, AND fast.....plus cheap
2.Draft Steven Hill at 31 and give him the time to develop and with Lloyd you could afford to take your time. In the mean time you could put him out there and have him run non-read routes and he'd be a real threat.
3. Ocho - give him a shot to compete for the job.