I certainly haven't seen anything from Reed in the past two years that makes me think he's particularly worthy of a slot on this team.
If you look at the depth chart, you've got three locks (Moulds, Evans, Parrish) plus one who will most likely be kept because of ST (Fast Freddie). So if the Bills keep 5 WRs it comes down to Reed vs. Aiken, neither of whom has done anything all that impressive. Aiken didn't drop passes left and right like Reed last year either, though.
So barring a real standout performance in camp/preseason, Reed has a good chance of being cut unless the team keeps 6 WRs, and even then someone younger may emerge and take that spot. A real shame too, I thought he was going to be a good one after his rookie year.