He's not as good of a pure cover man as Benjamin Morrison was, much less what Leonard Moore is now, but he's still very good. He's a bit of a higher risk vs higher reward kind of guy.
Some folks may criticize him for his less than stellar performance in the NC game, but Jeremiah Smith would have made any defensive back other than Leonard Moore look that way as well.
The key here is that he's resilient, and versatile. He can play either field cornerback or boundary cornerback effectively, and playing at nickelback could give him even more of a resume for his pro career, much like how it helped out Matthias Farley.
If we didn't have that "three star guy" named Leonard Moore already playing the boundary cornerback position, he'd probably be playing there right now.