I don't know about "not as good as WW." Hernandez is different. He has the ability to create open space against guys as big as he is and he certainly has the ability to catch the pass thrown into the ground away from coverage. Welker is elusive against CBs and safeties while Hernandez can just out-muscle them for position or go over them.
Both guys are real coverage problems in the slot for different reasons.
If Hernandez were to be the major checkdown guy on most passing downs, I imagine he could be as productive as Welker so long as his legs holds up. Hernandez' quickness off the line in the short routes is critical to him being a high-volume reception slot receiver. That quickness seems to diminish more rapidly in big guys than in smaller shifty guys like Welker. But at 22, Hernandez is still a very young guy.
MoLewisrocks' post about the 2013 contract side of this is a key variable for next year as well. The fact that Hernandez comes up for renewal at the same time as the Pats have to decide about tagging Welker at $11+million all-guaranteed is a bigger budget buster than this year.
Hernandez, if healthy and apparently productive after 2012, will be able to get a three or four-year deal at age 23. The NFL is a copycat league, so Hernandez' value goes up as other teams look to emulate the Evil Hooded Genius. Hernandez will have lucrative options, but not with teammates like Brady and Gronkowski to help him get the very most out of his skills.
Three weeks until the Patriots vs the Bountyhunters at Gillette.