I think people are unfairly criticizing Welker because the way he gets his yards isn't as pretty as the others. But with Welker increasing his YPC (which he's right there with Megatron 15.4 to 15.7) and touchdowns, there really isn't any compelling argument not to have him in your top 5 of all receivers in the game. The production speaks for itself and while people say Brady made him what he is, remember, he's the only WR not named Moss that has gotten 1000+ yards in a season for the Patriots during the Brady Era. If Brady made WRs, then you would think there would be more guys on the list besides just Welker and Moss.
The other unfair criticism of Welker is that he can't stretch the field like his contemporaries and yet these same people ignore all the things he can do that they can't. If the slot position gave such a huge advantage because he's got 2nd and 3rd string DBs and LBs covering him, why wouldn't the other teams move their #1 receivers to the slot? Easy because their talents are more conducive to playing on the outside and their effectiveness in the middle of the field would be limited. Their skill sets are not necessarily better as much as they are different. Welker is more suited for the inside and the other top receivers are more suited outside the numbers. Furthermore, if the slot position made it so easy for slot receivers to put up "inflated" yardage numbers, then why aren't there any other slot receivers that can even approach Welker's production? It's because Welker is an elite WR period.
For me, Welker is a world class receiver and at the end of the day his rank among receivers should be determined by his production. He's done it with and without Brady. He's done it with and without Moss. He led the Dolphins in receiving the last season he was there so he's even done it without Belichick and the Patriots "system". And as far as his production goes, he is the cream of the crop.