I live in Dallas and I'm very familiar with Miles Austin and his career thus far. He is absolutely terrible, trust me we don't want him. If, and a big if, he is healthy he is good. But, he is never healthy. He's been playing injured since his hamstring never seems to heal and he's terrible, he's slow and can't get separation.
Just seeing the name "Miles Austin" makes my hamstring immediately tighten up.
That said, if the money is right I would want to take a chance on just about any player. Belichick typically loads up on lower tiered FA wideouts every year for added competition, so I doubt any of us would be too unhappy if names like LaVelle Hawkins, Donald Jones, etc suddenly turned into "Miles Austin."
The concern that I'd see with that scenario is that the money won't be as good, thus making it less of a low-risk/high reward proposition. I imagine that there will be some team out there who'd definitely overpay where it would no longer make sense to consider.