Some thoughts:
1) Branch is a total non-factor. Saying anyone "replaced" him is like discussing who replaced Tiquan Underwood in 2012. If you must insert Jenkins onto the team, he is replacing Lloyd. So, you end up with Amendola replacing Welker, Jenkins for Lloyd and a bag of balls taking the place of Branch. Not ideal, but not the same breakdown as you have.
2) Let's take a moment of silent gratitude that Lloyd is no longer a NE Patriot.
3) Why is it unlikely that one of the rookies are productive? Sure, it might be too much to ask that both are good, but one? That is hardly unreasonable. And what does "productive" mean? NE's offense can still be quite good even if the best rookie WR ends up with 40 catches for 550 yards.
4) Cutting a guy "early" means he will still be good this year and will drop off
next year. I'm not even sure I buy that for Wes, he'll still be a good receiver in 2015, IMO. But I still have no problem seeing him go. It was time to move on, if not entirely, at least from having him be the top WR on the team.
5) Let's take another moment of thanks that Brandon Lloyd is no longer a NE Patriot.
Unless this is a profoundly terrible draft class, you can take it to the bank that one player will earn a starting spot by November and another will have a regular role even earlier than that.