<------ I'm an Aggie as well, obviously, and I posted in the other thread, but I'll jump on here as well.
I think he can be an NFL QB given a situation like Palmer or McNair where he gets to sit for a year or two and learn. He clearly has all the skills. I can't comment on the "leadership" thing because who knows what goes on behind the scenes (though it is true what was said above, he was not voted onto the "leadership council" and the team certainly seemed to rally around the redshirt fish who came in late in the year, and even this offseason, I am hearing comments about the new QB and his leadership that I never heard about Reggie).
But when Reggie was on, there are few better than him. So if a coach can get him to the point that he is on consistently, I think he will surprise. I don't think he was that bad at reading defenses, I think he was got off track sometimes throwing the ball and would try to rifle things in too much (which made losing his 3 most experienced WR this year even worse). He didn't react to well when things weren't going right, but on the other hand he had some pretty big comebacks in the last couple minutes of games. His junior year, I'm pretty sure he broke the A&M record for most passes without a INT, so its not like he is giving the ball up much. I have also heard that he is a smart guy in general, and that the coaches were surprised how fast he picked up the offense his true freshman year. Seeing the Wonderlic scores will be interesting. He also runs a 4.2, not really a big scrambler in terms of making people miss, but if he has an open field, he can absolutely fly.
On the flip side, I don't see him as a WR. He has pure speed, but he doesn't have the moves for that position. If he moves positions, I see him more as a free safety. He played that position and played it well in high school.