No. You underestimate what TT was. I want a new QB too but things can definitely get worse.
McCarron is a total unknown. But a 5th round pick who couldn't move up the depth chart doesn't give me a lot of hope. I will be thrilled to be wrong. Peterman is, well, we saw him. And I am not convinced the Bills should reach on someone at 12 or trade 6 potential starters for a shot at one guy.
So I agree with the OP: The Bills QB situation is pretty bad. If they trade for Foles, it gets a lot better. Suddenly you have a legit starter and didn't give away the bank for him.