I really do like this pick. I don't think the Colts plan on him being a large part of the offense this year, but I'm thinking the idea was to give them options for 2015 when the contracts of both Reggie Wayne and Hakeem Nicks expire.
The Good: Better than average size and strength (6-2⅜, 221 lbs). Very good change of direction and body control combined with a 4.34 40 yard dash. He has the measurables as well as some intangibles for the position. He tracks the ball well in the air and has the athletic ability and size to outjump defenders for the ball. Looks like he will develop into a really good route runner.
He played in a pro style offense, so he is experienced in the entire route tree. He also shows a good willingness to block (which IMHO is a great test of character at the WR position). He has a nice frame and could put on some more weight.
The Bad: Lacks true burner speed. In not a natural at catching the ball; uses his body not his hands. While he rarely drops an uncontested pass, he has difficulty cleanly catching in traffic.
Summary: I project him to be the opening day starter at the outside WR position in 2015 - he will replace either Wayne or Nicks. Because of his size and ability to separate, I'd say barring injury he should be a productive player for a good while.
Who he reminds me of: Josh Gordon