Seems to put him pretty much in the 2nd tier of QBs (behind Brady, Manning & co) which is probably about right.
What he, or at least his agent, is reported as originally hoping for (about $9m extra) probably was optimistic. The 3 picks thing got overplayed in my opinion, and his stock also seemed to rise as the Jags somewhat inexplicably became the 'sexy' pick to win the Superbowl. Nothing against the Jags, I just thought there was plenty of media types who felt they had to back someone not called New England to justify their title of 'experts'.
Anywho, they've given him a couple more WRs to play with next season as well, so it'll be interesting to see how he does. I say above average, your mileage may vary.
If they keep James, definitely not. Forget the comparisons to Dan Marino that Peyton Manning is now getting. With the Colts O and lack of D, Dan Fouts and the Chargers of the early 80's is the correct comparison.