You know, arm strength is important, I agree. However, I think there are much more important things. I read one scouting report that said Moore doesn't have the best arm strength, but the ball always seems to just "get there." Andy Dalton doesn't have the best arm either, but the ball always seems to get there. Christ, Noodlearm McGee (aka Chad Pennington) had an 11-year NFL career (kinda sorta)!
Moore is similar to Tebow, in that he just gets it done. His production and numerous college starts can't be ignored - 3,507 yards, 41TDs and 7INTS - while completing 74% of his passes in his senior year! Moore sent two Boise State WRs to the NFL - Titus Young and Austin Pettis. Those guys would have been UDFAs at best without him. Moore's biggest strikes against him are his physical limitations - he's not tall enough or big enough. Tom Brady dropped to the 6th round because he was a scrawny weakling. Drew Brees dropped to the 2nd round because he was short.
There is no guarantee, of course - but Moore is the closest thing to a late-round steal when it comes to QBs, IMO.