Try to say that 3 times fast... LOL.
Ok, let me clarify this, I'm not saying that there aren't any quality players available as Waiver Wire pick ups in your league this week. I don't know who is available in your league. I'm just saying that if its not a dire situation, I don't think its time to waste that Waiver Wire position.
Here are some examples of dire situations:
1. You drafted Peyton Manning then picked up Kerry Collins and thought he could carry your team. In this case you should try to get Fitzpatrick, Cam Newton, Grossman, or even Chad Henne ASAP.
2. Your #1 RB is Steven Jackson or Arain Foster, you don't have their backups and your bench looks suspect. You need to put in a bid for Ben Tate or Carnell "Cadillac" Williams to be safe. For any reason Mike Tolbert is available he's worth a Waiver Wire pick.
3. Your #1 WR is Marques Colston, and your other WRs aren't among the elite WR. But honestly any WR you pick up off of the Waiver Wire is like shooting in the dark. You can try Meachem or Henderson from NO, but Brees spreads the ball around too much and Lance Moore might be back soon.
Other than those situations or something similar, I think you can wait until all waiver wires are cleared to free agency and pick through the other players with possibilities to make roster adjustments or to add to your bench. Honestly I believe that Cam Newton, Mike Tolbert, and Ben Tate (because we didn't know that status of Foster) should have all been drafted in a 12 or more team league.
Here's a few notable pickups that I didn't mention above:
Early Doucet (WR) (ARI)
Deji Karim (RB) (JAC)
Earnest Graham (FB/RB) (TB)
Devery Henderson (WR) (NO)
Jacoby Jones (WR) (HOU)
As for TE's, pick up the ones that did good last week if you have room, but I wouldn't start them until they built up consistency, unless you are already lacking at that position, then go for it.
Defenses, who knows at this point. There might've been 3 defenses in the league that actually played good last week and all of them should be taken. Whoever had the 49ers got lucky last week with the 2 returned TDs, but I wouldn't expect that every week, the 49ers have some tough match ups. Pick up free agent defenses based on the match up, if your defense has a poor match up.
Sidenote, players for the 2010 season that were well worth the Waiver Wire pick up and possibly lead teams to playoffs or even the championship would include; Mike Vick, Peyton Hillis, Ryan Fitzpatrick, Kyle Orton, Brandon Llyod, Mike Tolbert, Josh Freeman, Ryan Torain, LeGarrette Blount, BenJarvus Green-Ellis, Steve Johnson, Mike Williams (TB), Jacob Tamme, Rob Gronkowski