From what I just saw of Gabbert, he looks like a very talented QB. Strong arm, good athleticism to be able to escape the rush and run when nothings there. I think his inaccuracies are linked to his poor footwork. He doesn't always square his shoulders before a throw. When he does do that he's very accurate but a lot of times he doesn't. He also is impatient with his reads and is quick to run when his first read isn't there, even if he has good protection from his offensive line. He needs to learn to trust his offensive line more and step up and wait for something to open up instead of sprinting out. He'll also have to learn an NFL offense and the footwork there to go along with the that because of the spread offense he was in.
I think if he sat for a few years he could be a good QB but if he is a starter snap 1 of the 2011 season I don't see things boding well for him unless he finds himself on a team like the Ravens when Flacco was a rookie. Run the ball a lot, good defense, and initially keep things simple.
Overall I don't really like Cam Newton, Blaine Gabbert, Jake Locker, or Ryan Mallett at all as a franchise QB.