Since I'm sure everyone is DYING to hear my opinion on this. I was holding out once I heard that it may not go through. Anyway, it's a rather silly move but not necessarily for the reasons people are saying. It's silly because they are giving up picks and paying more money for a player they 1. Had last year (Brad Smith) and could've had again this year for much less and 2. Might even already have this year (Jeremy Kerley). Obviously Tebow brings a different element since he allegedly can pass better than either and is more of a power runner, but it's an awful lot to give up and pay for what's a limited package of plays even if they begin to execute them slightly more often and with slightly greater success than in the past.
Still with that said, I hope it serves another purpose and that's light a fire under Sanchez. I don't think the kid hasn't been trying. He has been known to be a gym/film rat, but maybe he's a bit too comfortable as the undisputed #1 QB. (Even though everyone is still saying he is... he and everyone has to know that having Tebow behind him is a little different than Mark Brunell). So I don't necessarily believe he'll become better because of it, but it certainly can't hurt. And if it does; if he loses focus or confidence or whatever, well then c'ya later. You weren't meant for the job. The Tebow Circus is a tough one to deal with to be sure, but if he performed well enough these last 3 years then they wouldn't bring the circus to town.
In short: I wish the picks and money were spent elsewhere. The team has other holes to fill and a backup QB/wildcat player is a luxury a middling team can't afford. But since it's been spent and there's nothing anyone can do about it at that point, I don't think a 4th round pick was that much. It was spent poorly. The money was spent poorly. But in the end it's a late round pick and cash. Neither were going to be used in a way that turned this team into a contender in the next two years.