1) Nobody said that the WR position in 2012 is like the safety position in 2011. You stated that there's no real precedent for cutting a player coming back to haunt the Patriots. I provided Meriweather and Sanders as counterpoints. Not sure why you keep harping on the fact that the WR depth isn't as bad as the safety depth was last year. You could remove Lloyd from this team and we'd still be better off at WR than we were at safety last year, so that kinda goes without saying. If we all agree that the safeties were awful last year, and they would have been better if at least one of Sanders/Meriweather had been kept, then we're all in agreement there and there's no need to keep discussing it.
2) As long as you act like all wide receivers are created equal, and there is no difference between outside-the-numbers threats and guys who work solely in the middle of the field, then you'll continue to not understand why there is, in fact, a depth problem to be concerned about.
We are currently one injury away from being basically incapable of threatening a huge portion of the field, just as we were last year. This is a significant shortcoming in any offense, and last year it limited what the Patriots could do offensively. Now, we're reduced to hoping that Lloyd doesn't get hurt, despite the fact that history indicates that he likely will, because he's the only player on the roster who can fill this very important role.
When you have a player who can consistently beat single coverage outside, defenses have to pick their poison, and no matter what they do, someone who should demand a double team will be single-covered. As long as Lloyd's healthy, we'll see this in action, to some extent. The end result will probably be that opposing defenses will put a safety over the top to help on Lloyd--something that they never had to do last year--which will give Welker, Gronk, and Hernandez a lot more room to operate in the middle of the field.
If Lloyd goes down--and again, history indicates that he's pretty likely to miss at least some time--we'll be right back to square one (2011). There will be no dilemma for opposing defenses - they'll just put single coverage on Branch and anyone else who happens to be lining up outside, and have their safeties concentrate primarily on all of the middle guys.
Given how passing rules are set up today, it will still be possible for the Patriots' offense to win out on superior talent and perfect execution, which they'll do a whole lot of the time because of how good Brady, Welker, Gronk and Hernandez are. But you're essentially forcing these guys to be perfect and beat opposing defenses even as they know what's coming. It's adding a degree of difficulty that you didn't need to add, since it wouldn't have been hard at all to just keep Gaffney, and as a result have depth at WR that allows you to threaten defenses outside the numbers even if Lloyd goes down.