James has been here before. Drafted in the fifth round back in 2008, he's never gotten on the stat sheet in the NFL, bouncing between the practice squad and active roster. He served a suspension for violating the league's PED suspension. Somehow, he's stuck around the team for most of four seasons.
James is a tough linebacker who could be a decent backup, but he hasn't had a chance to show the fans anything. The Falcons will get a look at him on special teams, most likely, but I'd expect the bulk of the playing time behind the team's three starters to go to Spencer Adkins and Akeem Dent.
Cone's a more interesting case. An undrafted free agent who was impressive in pre-season practices and game action, Cone has excellent speed and sure hands. He's considered a project, but one with enough upside to eventually crack the roster. He, too, will likely get a little run on special teams, if he's active at all. While has to be thrilled to get a cup of coffee, it's much more likely you'll see Cone do something in 2012 or 2013.
I suspect the Falcons chose not to bring in another corner because Darrin Walls has acquitted himself well thus far and the team does have five healthy cornerbacks.
These are purely depth moves, but both players are still interesting. We'll see if they get any run.