Maybe this is just me being biased...but I really don't think that it's fair to give up on Colt just yet. Looking back, he did show some flashed of being a good-to-great NFL quarterback. I know that he has struggled horribly against the division (it is the toughest division, however), but I think that the kid's shown an awful lot of heart, and he does have a history of being a winner.
He had no offseason really before being the full time starter. No training camp, in a new WCO that he's never played before. There was also no training camp for his rookie receiver Greg Little, and the rest of his targets were average at best. Shurmur didn't help him at all with the play calling, but I think that Childress will help significantly with Shurmur's ability to call the plays. But that's another story.
I'm not sold on RG3, but more so, I'm not sold on dumping yet another quarterback that we called "the future" without giving him a legitimate chance. And he's sure better than any of those guys (Brady Quinn, Charlie Frye, Derek Anderson...). Colt is a smart kid who I think can be a winner in this league. Everyone says we need a quarterback more like Flacco. Line up their numbers before the concussion last year...(The top is McCoy, the bottom is Flacco) (Sorry that I couldn't align them better)
Colt's numbers are really similar, if not better in some categories. And considering the talent around Flacco, he should be blowing Colt out of the water. I get that Colt has had some not-so-great moments as well, but is it too early to throw him away?
Here's what I think:
Give him one more year. Draft Clairborne at 4 and Kendall Wright at 22. Pick up another good receiver in free agency (Garcon, Meachem, Amendola, maybe even Bowe?). Surround him with the opportunity to succeed. Don't waste a pick on a quarterback when there are SO many more holes around the team to fill.
Give him a real offseason and training camp. Give him a year of losing and experience under his belt, to motivate him and help him to grow. Give his coach and new offensive coordinator an opportunity to look at what they have, and learn how to use it. Give him Little, Wright, (FA receiver), Ben Watson, Evan Moore, the emerging receiver Cribbs, and a healthy running game, and watch him start winning. And if not, that's a good young core to throw a new quarterback into in the following season.