I don't think we're that weak ...
Palmer is more WR2 than WR1, Shakir is one of the best YAC receivers in all of football, Keon showed some promise, but was limited by injuries (and speed), Samuel has got to be one of the better gadget WR4 out there, and then whoever WR5 will be.
Kincaid, Knox, Cook and Ty Johnson handle a lot of catching volume respectively.
Would I have liked a WR this draft? Yes. Was I bummed about Royals to the Chiefs, yes - Horton a few picks before us, yes...but it's not all that bad.