I'm completely torn on these moves.
On one side of things, Justin Peelle is an immediate upgrade from Jason Rader. Peelle can block a little and potentially catch a lot, which means he could blow past Martrez Milner on the depth chart before too long. With this pickup, the Falcons' tight end corps goes from being the worst in the league to still the worst in the league with some upside. I'll take it, even though it's a wee bit odd that Peelle last played under our fearless Mike Mularkey over in Miami.
On the other side of things, cutting Tony Taylor to pick up special teams standout Tony Gilbert absolutely reeks of a coach bringing in his favorite. Gilbert is an outstanding guy to have around as a backup and will be very active when the ST is on the field, but to get him we cashed in a guy who looked like he might legitimately be our starting middle linebacker.
Obviously Mike Smith believes that Curtis Lofton can start right now, or he wouldn't have ever made a move like this. With a team that still has a mediocre stock of talent, I just don't support cutting raw potential in favor of versatility.