If you add together the facts that the Falcons are 11-3 (yes the NFC sucks, but they don't make their own schedule), that Vick is learning a new system, he doesn't have a "go-to guy" besides his TE, Peerless has basically been a bust and teams have to play him differently because of his feet I think he has more value than you are giving him.
No, he's not MVP. But, he's definately a PB QB.