I like the Fleener pick a lot. Luck gets a familiar target to help his transition into the NFL and a new Colts offense. And like Manning and Clark, they're both fairly tall guys which I believe helps quite a bit throwing over the middle. And if opposing defenses focus on an albeit aged Wayne, Fleener gets more room to thrive.
That said, no one on this offense is going to put up a lot of numbers if the Colts are going three and out. If Luck is ending up on his back regularly it won't matter a dime who is open or not. Because of that, I don't see Fleener being a top-10 for the 2012 season. Hopefully I'm wrong as I am a Colts fan and used to playoffs every year
Would I draft him? Sure. I like having home team guys on my roster and he - and the Colts in general - could pleasantly surprise. But with a new GM, new coach, and so many personnel changes I think the Colts need time to grow into their new identity.
If I were to find myself in a league that starts two TE's every week (

) I would not mind at all to have an established TE as #1 and Fleener starting each week in the #2 slot. But I don't think I'd want to draft him as my first TE and consider the position covered for 16 weeks.