Yup.
It wasn't that long ago, the Bills were ahead of the Patriots, and in the top 10 for comp picks gained since the comp pick system was started. In fact they aren't that far outside of the top 10 for total picks, I think they are 13th or 14th last I checked.
Like you say, I'm all for not being careless but cutting useful veteran players to possibly get the same player 2-3 years later only cheaper, is not sound.
Hell, look what BB is doing now, he prefers to sign players he knows can play in this league and gives up 1st round picks to get them.