I know people wanted him to be a deep threat (he is getting some plays there now), but he is really helping to free up the center of the field by drawing coverage to the outside.
I have always said a deep threat is overrated and an outside receiver is far more necessary. Lloyd is that guy.
The Deep Threat is the spice and the short pass the meat of a complete gourmet offensive meal.
In an extreme situation, we need only go back to the Reche Caldwell era to illustrate that the deep threat should not be underestimated. The opposing defense wisely collapsed on the offense during that season and that made every aspect of the offense more difficult and left Brady more vulnerable to hits with defenses able to line up close to the line.
Did Reche still catch over 60 passes as our leading WR and did the Patriots still have a chance to seriously contend? Yes - and many Patsfans stated that we were actually "all set" at WR for the following season.
What happend? Belichick disagreed and brought in not one, but two proven deep threats in Moss and Stallworth and the previous year's #1 WR didn't even make the team in 2007 (or anyone else's team for that matter)
Going into the playoffs with a credible deep threat is essential to the success of Welker, Hernandez, Gronk and the running game. Oh sure, statistically they will always get their receptions - but it's the few "must make" plays where having the defense stretched makes the difference between making a first down and not making a first down at a critical time.
I would say that McDaniels and Brady have both made note of past mistakes in this area and that they have made a special point of integrating Lloyd into the deep game to ensure defenses remain honest in the playoffs.
This won't necessarily show up in the gross stats of receptions, yards or even points - but it will make a difference in gaining 3 yards when you absolutely MUST gain those 3 yards, and thus will show up in the W-L stat - and hopefully in a Super Bowl win.
So let's not under-rate the importance of a deep threat either!