The thing about Hollins vs. a draft pick is that we know exactly what Hollins can do, and how well. He's pretty much a known commodity-- a situational WR with specific skills. The only real question, IMO, is whether those skills fit into a position of need, and I certainly think they do. We know he's a decent gunner (position of need with the loss of Siran Neal), and we know he's a decent run blocker (position of need with the losses of Davis, and Sherfield).
We also know that he's 6'4", and strong with decent hands, a decent catch %, and contested catch ability. And we know he's slow, doesn't get separation, and not a lot of YAC (you can even see those negatives on his highlight reel). But if we stand him up like a ficus tree in the end zone in redone situations, opposing teams will have to account for him, and even if he doesn't get a single target, he becomes valuable as such.
There's been a lot of debate in these pages about what he can, or cannot become, and I don't see the point. We know what he is, and for the money, it seems like a pretty smart signing to me.