Here's my bottom line with TEs this year:
If you go TE in R1, he better have the ability to REPLACE Zach Miller in the future. This player should have the ability to be a consistent pass catching threat whilst becoming a good to great blocking TE. To me, the only person who has this ability/growth is Zach Ertz.
Now, if you want a strictly receiving TE, who can compliment the run game (blocking wise), then a) you don't spend a 1st rounder on him & b) you make sure this prospect has the athletic ability to consistently separate from S & LBs. To me, this is Jordan Reed. He has premiere athletic ability, even if he doesn't run a 4.4. I was actually surprised how I did see effective blocking from him, even if it wasn't pretty/mauling. He had plenty of chips and good angles to create enough lanes for the RB to get positive yardage. Again, you aren't drafting him for blocking, but I was genuinely surprised by his effectiveness (see TAMU game for some examples of this).
I've really paid attention to most of these TEs throughout the year. TE is not only my favorite position, but I also knew this could be a position of need/interest this year. After watching all of these guys, I have to say my favorite TE in this draft (relative to perceived draft value) is Jordan Reed. He won't run a 4.4, but he has elite athletic ability for a TE and was surprised how much better his blocking was (it's still not 'good') than what I had heard. He is not a mauler (never will be) but he's athletic and just big enough to create enough space in the blocking game to not "show" the Seahawks hand when he is in the game. Quite honestly, I like him a lot more than Aaron Hernandez (coming out) and I could see the Seahawks really loving him as a prospect. He was a former QB which gives him a unique ability to better understand the passing game. I could easily see him becoming the go to guy of Russell Wilson on 3rd down and in the RZ. I don't know anything about his attitude/work ethic, but for a former QB, he made a very nice transition to the TE position, especially when you realize he played in the SEC.