Sorry to clog the blog (rhyming is fun) with Colt stuff, but since I've adopted him I at least have some basis for inflicting my opinion upon your illustrious selves.
I've watched Colt's highlight reels a few times and I come away with two reactions.
First, when he plays he looks just like he did in college (which is freaking stupendous, since he was a jolly green giant amongst mere mortals). I hate to point it out since it was preseason etc.... etc... , but if you extend his stats into three quarters of play, which is how long he usually stayed in games for, they equate almost exactly with his average college performance (27 for 30, 360 yards and 6 tds; a bit high in completion percentage and TDs, but otherwise on the mark). If he continues on this path, we are in for happy days as skins fans.
Second, is the "it" factor. People are (now) saying that Colt just has that intangible "it" thing (que John Maddens ability to feel Colt's "energy" from the booth). After pondering the weirdness of the existential "it" that the lucky few have, I came to the realization that the ball Colt forced was the perfect example of the "it". Someone without that "it" thang would have made that throw and been intercepted, and then been ripped a new one for it. Somehow it just works out for some people, and that's where Colt seems to shine. Ugly, wacky throw technique? It works. Made a risky decision? It worked. Get smoked in the Sugar Bowl and have your stock drop from near the top to near the bottom? end up with Zorny as your coach (at least it looks like it's working).
However Colt's career plays out, just having a guy like that around can really help, especially on a team that lost most of its games by less than seven (7) points last year. Good luck rubs off, and Colt seems to have the juice in that department. Even if he's on the bench, his "it" will help the team for sure.