In Mallet's defense, I'd rather draft a guy like him than a guy like Russell, where you know Mallett has been forced to play with inferior supporting casts and had to be able to produce (at least somewhat) when his team wasn't the dominant talent on the field. It's hard to fault the guy. You put McElroy in Mallett's position and he does just as poorly (maybe worse).
I think Mallett is a premier QB, I just don't think Arky has the cast to help him like he would get if he were at any of the other marquee schools in the SEC.
However, that's partly his own fault. He left a big name school to go to Arky.