Warren may be a steal. I think he left becasue of the projected db's comming out next year. The same reason Sanchez split last year becasue of the projected qbs for this year. Though he still better than all of them except shshsh Tebbow. But then again scouts say T2 can't throw...... 
I think you're right on this one. If his college resume had been highly impressive, then the 40 time wouldn't be the end all be all.
Just look at Manningham - he was clearly 1st round talent, with issues of inconsistency and a poor 40 time (and the pot issue, to boot). Yet, he "only" fell to the third round. I think that's evidence that scouts are willing to look past the 40 time.
Now, in Manningham's case the issue appeared to be poor technique on the 40. Donovan might just be a slower dude, and maybe he can't improve on his 40 time.
However, his bench was relatively poor, too, by NFL standards.
Combine his 40 time, his bench, and his body of work in college, and I think scouts just aren't blown away. I'm sure some team will pick him up around round 4-5 on the premise that they can coach him up; however, I'm part of the crowd that thinks he could have earned himself some better money by being "NFL ready" prior to entering the draft.
