Clearly he is in decline. His stats will not eclipse last years'. Unfortunately the Housh that we all loved 3-4 yrs ago is gone.
Let's move on.
He might not surpass last year's stats but it isn't due to decline, it will be because he's likely the #4 target and is learning a new system. Last year had Housh receiving from Seneca Wallace for a quarter of the season and a debilitated Hasselbeck the rest. The O-line didn't give the passing game a chance (nor did it the running game for that matter). I think reports that he's "done" are greatly exaggerated, similar to the tune of how "done" Tomlinson was in '09 or how great Thomas Jones will be as a Chief or Terrell Owens being finished. Face it, this is a team sport and when the rest of your team sucks even great players can't compensate and their stats suffer.
It might be ok to take a pass on him this year, but you're doing it for the wrong reasons and 2011 will show a different player assuming he stays with Baltimore.