I believe the Patriots have - gasp - finally appeared to find their solution for an outside receiver with speed. Luckily for them, the league has a massive assumption that white receivers aren't athletic or fast, which is why I think the market for Hogan was so low. The Bills clearly didn't know what they had in Hogan either, but BB did.
Let's see if Hogan can finally be the guy we have been looking for as a deep threat; from what I've seen so far, he is exactly what they needed. Even at his peak, LaFell wasn't a burner, although he could get open at times on the post routes. Hogan is really fast and has great hands...he is also young unlike some of the other projects like Lloyd, Ochocinco, etc.
I don't think it's a great question of Edelman versus Hogan because they are running different routes right now with Edelman specializing in the underneath slant and Hogan being more of a downfield threat. That said, gun-to-my head, as much as I love Edelman and appreciate his play, he is 30 years old and coming off some major injuries to his foot, and I don't think he will be the same player as he was in 2014/first half of 2015. I would take Hogan if forced to make a decision, although it's close, and Edelman has proven he shows up against the best competition. Hogan, however, just has a huge edge athletically right now.