Right now at receiver the Jets have Santonio holmes, Jeremy Kerley, Stephen Hill, Jordan White, and Clyde Gates. Holmes is still recovering from his foot injury, Stephen Hill needs a lot of development, and Gates and White are unproven. Bringing in Lloyd would add depth and a guy who can help whoever is under center.
While some Jets fans would love Braylon Edwards back over Lloyd, I think Lloyd makes much more sense. Lloyd is a better player, and has done a lot more in recent seasons. Braylon is an injury risk and the Jets should look to get away from the Tannenbaum era.
A big reason I would like this signing is I think Lloyd would be a nice part in Marty Mornhinweg's offense. Lloyd can be a deep threat, but also play in the slot. If the Jets sign Lloyd, his chip on his shoulder after being cut by the Patriots would be huge.