I would guess that Shiancoe was kept as a TE because this season's plans call for Hernandez to be lined up as a slot receiver, or even deeper in the backfield, and another body was needed at the TE slot.
I am really disappointed in the release of Gaffney. Hopefully he will be back and I like Stallworth, too... Like to see both of them back.
Lloyd, Welker, Gaffney and Stallworth = 2007 redux.
I would prefer to have Branch back but keeping Edelman, because of the other things he can do, is more than likely what will happen. Unless, of course, they opt to carry six wide receivers but probably unlikely.