Everyone NEEDS to read this before any more commenting on VY. Living in TN and having watched this go down without emotional interest, I can vouch for this article completely:
http://burgundyblog.com/post/5367586151/vince
Also, I'd like to point out that ESPN seems to forget to report all the great things VY has done off the field, like filling in as a father-figure for Steve McNairs kids. This is only one example of many. he even took them to the Pro Bowl with him (to which Vince has been twice btw). But I guess these things aren't as exciting to report as a 23 year old partying with his shirt off (how terrible!!)..
http://blogs.tennessean.com/titans/2010/09/22/young-fills-in-for-mcnairs-kids-again/
Also, on that last link, click the arrow on the lower right for the "Bulluck on VY benching"--It sure rings true with the burgundyblog article, and this is coming from a veteran, respected player who was in that locker room for a long time..
You can say what you want about reading defenses etc, but you don't go 30-17, post a season-long 98 QB rating, make 2 pro-bowls, ROY, and the playoffs, all on a bad team, without being a good QB. He only had 3 INTs this year (w/ 10 TDs)--2 ints against the Steelers (pretty common), and one on a Hail Mary against our vaunted Dolphins D haha--so he can't be that bad at reading coverages. Plus, if you've seen how much he has improved each year in the league, both by eye-test and QB rating, it is really hard to claim that he isn't practicing or working hard enough. The improvement every year has been obvious.
As discussed, his win record is among the best in the entire active NFL (Yes Titan fans, even against .500+ teams he's still near the top), he throws at least a top-5 deep ball (#1 according to that article someone posted and my eyes wouldn't doubt it), and on top of that his biggest strength was/is supposed to be his leadership/intangibles/competitiveness--anyone see his 99-yd 2-minute drill against Arizona to win the game last year? O yeah, and he's pretty athletic too. Get this guy in a supportive situation (ie coach), and he's a franchise QB.
For me, the bottom line is this-- VY is the most proven, most talented (even as a passer), and youngest option available. Despite that, he is the cheapest available. Highest upside+most proven+lowest downside=??