The Eagles made the move we were all hoping they wouldn't and picked a quarterback. It's really not out of character for Andy Reid, who has always drafted young QBs. Most often, he's been able to flip them for more value later, so possibly that's an idea here. But still, with a 3rd round pick you'd hope to a get a player that can contribute and as a rule, 3rd QBs don't. Ever.
All that said though, Arizona QB Nick Foles is an interesting prospect. He's got prototypical size at 6-5, 243 and a huge arm. He's basically a statue with no mobility, but he is accurate and was actually the best QB under pressure in this entire draft class. He does have the numbers of a top college QB. Threw for 4,334 yards, completed just shy of 70% of his passes with 28 TDs.
He went to the same high school as Drew Brees and broke all of his passing records... However, no Arizona QB has been drafted at all in 50 years.
He now goes into that Andy Reid QB program, which certainly has been pretty good. While I can't say as though I like this pick, there's some logic to continually keeping your team stocked with young arms. As we've seen, they could always be flipped for value later (Kolb, Feeley, or guys like Cassell & Schaub elsewhere), plus you increase your chances of hitting a jackpot ala Tom Brady. Every once in a while good QBs do come from outside of the 1st round, so if you keep picking them, eventually you might luck into someone special.
Also, given the Eagles success with 3rd round picks in recent years... Why not?