The latest question is whether the Falcons should trade their #1 pick (#15 in the first round) for Abraham. For comparison's sake, here are the last ten players to be taken #15 in the Draft:
2005 - Derrick Johnson (Kansas City)
2004 - Michael Clayton (Tampa Bay)
2003 - Jerome McDougle (Philadelphia)
2002 - Albert Haynesworth (Tennessee)
2001 - Rod Gardner (Washington)
2000 - Deltha O'Neal (Denver)
1999 - Booger (I refuse to call him Anthony when he has such a great nickname) McFarland (Tampa Bay)
1998 - Anthony Simmons (Seattle)
1997 - Yatil Green (Miami)
1996 - John Mobley (Denver)
Out of those ten players, only Deltha O'Neal has made a Pro Bowl, although most of the players on this list are productive starters. NFL teams tend to overvalue their Draft picks and John Abraham is almost certainly a better player than whomever the Falcons will take with their first round pick, especially since he's entering his prime and the team would not have to worry about a learning curve with him.
On the other hand, one has to factor the salary cap into the equation. Is it better to have Abraham making star money or a good, but not great player like Tamba Hali or Mike Kudla making significantly less. The role model franchises in the NFL right now are New England and Pittsburgh and neither of them break the bank for free agents. Rather, they have a few stars, most or all of whom came through the Draft, and then they fill in around them with cheap, young players. The key is that they don't overpay for stars and they get rid of players without sentimentality before they start declining. If the Falcons sign Abraham to a deal that is hard to get out of after 2-3 years, then they'll be paying for his decline phase, as well. The Falcons also have an iffy history with big contracts. Peerless Price pretty much defines the word "bust", although the current regime can't be blamed for that colossal mistake and there's no reason to think that Abraham is analogous to a second receiver making first receiver money. The team is currently overpaying for Keith Brooking and Mike Vick; they are not overpaying for Patrick Kerney. The Rod Coleman and Warrick Dunn signings were both good ideas, as they were the best players on their sides of the ball for the past two seasons. OK, that last sentence convinced me that going after Abraham isn't a bad idea, even if it isn't something that the Steelers or Patriots would do.