I agree with this. "Elite" is thrown out a lot (even by me, see above), but I don't think elite is necessary. I think upper tier is necessary, however. The freedom given to receivers downfield, including the elimination of kill shots, have opened up passing games like never before in the history of the game. It is paramount that you have a QB who is accurate and decisive.
The remainder of the team is obviously important, but the QB is the #1 position in today's NFL from which you need productivity.