The Patriots couldn't be in a better spot. There could be three second-round-caliber passers (Andy Dalton, Christian Ponder, Colin Kaepernick) available after day one, and a fourth if Ryan Mallett gets past Seattle at 25. Of course, teams could also trade up to the late first round too. New England is in prime position there, also, with the 28th overall choice.
On the universal draft-pick trade chart, invented a generation ago to standardize what value teams assign to each pick (though it's not gospel; some teams barely glance at it), the 28th pick is worth 660 points, and the 33rd pick worth 580 points. Teams trading for a pick in the following draft usually ascribe a choice one round higher to be fair. (Thus the Patriots' deal of a 2010 third-rounder for Carolina's second-rounder in 2011. Sometimes teams get lucky; New England moved up, as it turns out, 57 slots by making that deal a year ago.)
But the Patriots could successfully argue -- I believe -- that the 33rd pick is worth more than a 2012 first-rounder this year. The primary reason is they could have more than one bidder for the pick, because of the paucity of quarterback prospects and the need of more than one team by the time round one ends. Let's say the 49ers are desperate to move up for Dalton. The 49ers, picking 45th, might have to slip the Patriots extra value beyond what the trade chart says to move those 12 slots. Perhaps a first-rounder in 2012 and, say, a third- or fourth- this year. If they don't do it, some other team might.