ace, everything you say is pretty on target, except branch is without question far and away Patriots #1 receiver. Brady spreads the ball beautifully, but Caldwell, and Childress are very weak receivers. Troy Brown at 36 is far and away best receiver with branch missing. It's true Watson will be a force this season, but lacks speed to consistently get deep and stretch defense.
Branch is a little better than you alluded, specially in big games, he was super bowl MVP once, and could have been twice, as he had 11 catches in each super bowl. I have attended at probably 8 or 9 practices this summer and believe me they need branch, Brady has even publicly lobbied for Patriots to sign him. Hopefully they get it done before the 10th. Their offense line is by far the best Brady has had, also are positioned well at te & rb as you state. But Brown is the only guy consistently catching the ball in practice, and he has you know is well along in years, Childress is ok also, but no experience and smaller than branch or Brown. Caldwell has struggled all camp, and I've heard the coaches really like Jackson, but with his hamstring, he has barely practiced at all, and is way behind mentally and physically. Hopefully branch gets in camp, he is getting bad advice from agent. Mainly he is upset because of the money he has seen David Patton & David givens make the last two seasons from Washington & Tennessee, as he correctly feels he is much better player than either of these two, who both got giant contracts recently. Branch just needs to play this season & get paid next year with new contract.
Go a Patriots