He wasn't as bad as his numbers suggested in Buffalo last year, and he's still in pretty good shape.
The thing he can't do anymore is make a mediocre quarterback look good. He can still make all the catches, but he's past the point of being able to build up a guy who isn't already good (like a Trent Edwards).
He needs to go someplace with a veteran QB who can make the most out of the skills T.O. does still have.
Pretty much what Matt said. He's not the dominant #1 he once was but he's still plenty good enough to start and a very good red zone threat. He'd be a good fit in Washington (assuming he can stop being a tool, which might be quite a large assumption).
T.O might be in shape, but he's still T.O. The skins are NOT winning the superbowl this year,and if you sign T.0 you aren't allowing a young reciever to develop and gain experience. I know that Dan Snyder hasn't made the best decisions in who he brings in, but paying x amount of millions to a 36 year old wide reciever just to have a 9-7 season might be his worst move yet.
After two weeks, only seven teams at 2-0 (with maybe two more in Minnesota and New York). It seems like the only thing we can still count on is that Arizona and Cincinnati suck, and even Cincy nearly beat the Raiders this week.