As far as I'm concerned, I don't think "hype" comes into play here - It's all about injury concerns and nothing more with Vick IMO. He's proven what he can do if healthy, and we saw what he was able to do last year with young, talented offensive weapons all over the field in Philly and an improved approach in the pocket.
He is that much better than every other QB when healthy, and while I think the first round is too steep a price to pay for an injury concern like he is, it's really all about that and not hype and project able production when he's on the field.
I don't really like the idea of drafting him with the sole intention of hoping he goes off and then trading him because I think far too many people with a risk aversion will avoid him or try to buy him for less than "full" value even if that's the case.
Either way, no matter where you rank him or how you feel about him, if you select Vick, I think there's NO WAY you take another top-10 signal caller unless you're set everywhere, the value is right and there's just no other move to be made. I'm all for pairing Vick with a couple of high-upside guys in the later rounds, but if you're going into the draft thinking you'll take him early no matter what the price and then reach for an overly competent backup, I think you're better off to go BPA and see if he's there in the second (maybe someone will make the decision easy for you and it'll be moot)