To expand on Patsfanken's (as usual) well-considered breakdown, we should add that nice shiny rookie WRs don't do well in New England. Elsewhere you may see them rocket to stardom. Point to any variable you like (i.e., Brady spreads it around when we are winning, so nobody looks like a world-beater; the system is too complex for a rookie to rocket to stardom; etc. etc. etc.) Regardless, we don't tend to pick 'em high, when we do it tends to be someone the draftniks aren't excited about, and they don't usually provide jaw-dropping performance.
Now I know a draftnik can play rear-view-for-the-win, and point to any given year's most successful rookie wide-out. Ken did a good job of providing the opposite case, at least after one year's performance, the Patterson/Collins example.
The problem with veteran outside threats, of course, is it takes a special situation to get one in a cap-friendly way. Randy Moss is not going to happen again. Can you prioritize that deep threat? Not reliably. That's the moral. It takes too much away from other needs elsewhere. We'll continue to bolster the O-line, which we should. The defense has gone from an afterthought to a unit that can scare anybody playing from even a score behind. It's not quite suffocating from snap one, that's a given. But it's keyed on Revis for the time being, and that's going to cost us some coin.
We still have some young guys (WR) to hope for development from. I agree, let's not get all wrapped around the axle and give up the farm for a wideout, through either route. I don't mind a high-round pick, but would prefer no higher than 2nd round, preferably no higher than 3rd. I should add In Bill I Trust. He'll do the opposite of whatever you expect, but it works... frustrating, innit?
As to "let's get a serious RB" a few posts back... NO. We have an outstanding stable of RBs at the level we want and need. The shiny weapons that make fantasy football so fun are just not the core of a championship team. The Pats are, yes, a pass-first team, but a more balanced one, as they need to be. If they want to run right up your throat, at present, there's a good chance they can. Increasing that ability will be more of an offensive line challenge than a running back challenge. The only guy I ever saw who could rack up the insane numbers without an O-line was Barry Sanders. That's a once-in-a-generation proposition, and is a bad bet to get you deep in the playoffs. If it's a superstar RB talent or a "good" RB on the field with outstanding O-line play, I'm taking the latter.