Yeah, we Bills fans were all giddy, too, when the Bills drafted JP Losman in 2004 ...
This may come as a shock to some people, but the reality is that drafting a QB in the first round doesn't make him a franchise QB. Most drafts yield 1 good starting QB, mostly from the first round, and a few drafts yield none (2002, 2007). Only 2 drafts since the merger have yielded more than 2 good or better QBs, 1983 and 2004.
Of the 14 QBs taken in the top ten between 2000 and 2009, 5 have been outright busts (Carr, Harrington, Young, Leinart, and Russell) and 2 have been near-busts (as in mediocre for where they were taken): Smith and Sanchez.