Looking at what Perry's contract was and considering how much was saved with Denney's rookie free agent contract in comparison, if they performed equally in training camp, one could see the reasoning of the coaching staff. Also, we all here continually say Perry is one of if not the best LS in the league, but IMO that is and has been slightly homer talk and I can be guilty of that myself sometimes. Has everyone here who has stated Perry is one of the best LSs in the league really done an extensive evaluation of every LS in the league to make that comparison? Probably not, more likely just echoing the sentiments of the first local expert to declare Perry was as good as it gets.
Perry is good, but the only real rankings I've seen, which were in the The Sporting News, ranked him as the 16th best LS in the league and that is not too bad. Basically saying he is average as NFL quality long snappers go. FWIW, last year they rated him as 24th best. They are not necessarily the final authority but I'd venture to guess they put a little more research into it than most fans do. :)