Well, it's already been beaten on in a couple megathreads without much actual analysis, so a separate thread is probably appropriate.
Anyway, Collie was a very good possession receiver for Peypey and lined up everywhere, not just in the slot. In his second season, he was on pace for over 100 catches, 1000+ yds and 10+ TDs before suffering his first concussion in week-9.
He was one of my binkies for the Pats in the 2009 draft out of BYU. He was a very productive receiver at BYU for a couple years, then went on his two-year Mormon mission. Came back to a new QB and picked up right where he left off. He went to the Colts at #127 after the Pats took Rich Ohrnberger (guard) at #123.
Anyway, the Colts under Peypey ran some similar option/adjustment routes with a somewhat similar play-calling scheme, so it shouldn't take him much practice with Brady to be effective in a couple of plays.
Assuming that he's now 100%, I'm not really concerned with his injury proclivities over the long term (other than I don't want to see him concussed again for his own sake) because I'm pretty sure he's a "temp" signing to provide perhaps a more viable target than Suds was or Boyce has been so far.