he looks average, but if you grade on a curve (i.e. 3 career starts and someone who hasn't taken a majority of first string snaps until late in the pre-season), he's doing just fine. All of the mistakes he has made are correctable. He isn't throwing into coverage, he isn't forcing bad throws (ok, maybe a couple vs Cincy). He is going through progressions and when he sees something isn't there, he tucks and runs.
it felt like he had some accuracy issues early in Cincy, especially when he was on the move (which was often as the Broncos had some protection issues with Stephenson being out and then Okung going out for a spell). However, once he got settled in, he played great. It should also be noted - part of the success vs Cincy was the Bengals selling out to stop the run - Broncos saw lots of 8 man fronts and had a hard time running. Of course, that meant 1 on 1 coverage with Demaryius Thomas and Emmanuel Sanders which the Broncos will take all day.
I'm not completely sold on his play-making ability so far. It's hard to tell how much he is being protected by play-calling and eased in - i.e. being asked to make simple, 1/2 field reads. AFAIK, that's the basis of the Kubiak offense so that might be all he is asked to do. That being said, there is absolutely no reason to be thinking about pulling the plug on the kid. I'm not hearing any grumblings for Lynch in local media or the fan base. I mean, there are one or two here and there, but it's really rare for Bronco fans to be united in support for a QB...really rare. Even Peyton Manning, as great as he was, only had about one complete season where idiots weren't clammoring for Tebow or Osweiler.
This is absolutely a formula that the Broncos can go deep into the playoffs with. Stout D + strong running game bolstered by stud WR's can absolutely win a superbowl.