To keep with the fantasy baseball analogies, ranking TEs in fantasy football is like ranking second catchers in AL- and NL-only leagues - the differences after the top few are just not worth the extra effort.
As my ranking attest, I reached 20 and just didn't see much difference and feel confident most of the unranked will remain undrafted.
When their situations improve, they can be picked-up if needed, but really, how frequently does your team vitally need a 600 yd/4 TD player and still be a good team?
I expect Gates to go first followed by a "mini-run" of the next five or six TEs over a three round period.
After that, if you choose not to participate in the mini-run, then grab one of the TEs in Alex Smith in TB, Kellen Winslow in CLE, Vernon Davis in SF group or take NO's Zach Hilton.
After all, Drew Brees loved to throw to his SD TE, and the Saints receiving core isn't any better than what he had in San Diego.
Comments are encouraged and welcome.
Update [2006-8-31 13:48:49 by Eric Hinz]: From today's Times Picayune: