Take a look at all of the teams that went to the Super Bowl lately. NE(Graham), PHI(Lewis), CAR(Wiggins), PIT(Miller), SEA(Stevens), ST.L(Cleeland), TEN(Wycheck), DEN(Sharpe), Balt(Sharpe), DAL(Novacek) and SF(Jones).
All of these teams had good to great TE's. To me, the selection of Vernon Davis is a no-brainer. You take him, especially if you lose EM.
The only way you don't take him is if Mario Williams or D'Brick are still available.