This draft looks scarily like the one a few years ago with Ponder, Locker, Gabbert, etc. Like nmchnv says, they always panic and trade up. Practically everyone knew going into the draft that Gabbert wouldn't be a good pro, but still someone decided, no we have to do this.
As far as Manziel goes, well now the kid has at least shown he has some big playmaking nards. He plays like he's trying to break into a car in a parking lot. Sure he might get busted in half, sure he might throw five picks a game, but one thing I don't expect is for him to become a Captain Checkdown, refusing to throw the ball more than five yards downfield... or being constantly terrified in the pocket like a few of the guys I mentioned before.
The one thing I figured out this fall is that watching him try to play pro ball should be entertaining, one way or another.