Is it good enough on the FO? Do you think they've written off Stephens, JAD or Pepe? I don't. In fact I think at least two of them will be receiving a lot of playing time this year. Pretty much out of necessity if nothing else.
There's a difference between an entire rookie contract (4 years) and one year. One is a short sample size, the other is a much longer sample size.
Not to mention that the Ravens have a long, long, long list of guys who haven't done much at all until year 3 or year 4, then either get extended here or sign elsewhere for a boatload of cash.
See Ben Powers next week.
As for learning from their mistakes, I'm sure they do. Slippery slope though. If you say "I'm never going to take a developmental WR in the first round", then you're going to miss out on some pretty damn good players. And the fanbase will, of course, bash you for that, because that's how the fanbase does things. I think there's things you can learn from a diligence perspective, from a positional value perspective, etc., but I really don't know what you can learn from drafting Bateman that's going to impact how you draft other receivers.