He looks to be a NFL project to be a back up QB. Lack of NFL size aside, one thing I noticed was that he doesn't throw a tight spiral on his passes. Not good when playing in windy/stormy conditions. Since these were his highlights, that is how I am basing my judgement. Most of his receivers were wide open. I want to see how his ball placement is when the receiver is in tight coverage, and his accuracy when he has to throw 35 yards to a body part. Hitting the receiver with a perfect pass without breaking stride. He might be a great college QB, but the NFL is all about passing. He seems to have the same skill set as Matt Moore.
Being picky, I want an upgrade at the position.
If we miss out on Luck and RGIII, the only other QB whose game translates to the NFL is Landry Jones. The guy doesn't get much respect, but he has the arm, experience, and size to develop in the NFL. He has played poorly in big games, he needs to sit behind Moore for a couple of seasons.