I think people are overlooking the context with Meredith's release.
Firstly, he dropped to us in the fifth round. In other words, there were concerns about him that teams had (his talent warranted him being going higher).
After he was released, he made it to our PS. As Ted has said many times before, "the good Lord only makes so many (mobile / agile linemen)". Big guys are in demand, so the fact that Meredith made it to the practice squad should tell you a bit more of what teams thought of him.
As for Buffalo, recall that they traded Jason Peters their LT, and were pretty bad along their o-line. As the year wore on, injuries compounded their weak situation on the o-line. They were forced to look for prospects because their starters weren't all that great / got injured.
As for Meredith over Breno... keep in mind this time last year Breno was considered as having a real shot to win the starting RT spot. Yes, he lost and did nothing of note, but him and Barbre were to duke it out in TC. Although Barbre won, Breno was still a necessary body to have because - as sad as it is to say - he was probably our most experienced RT (in terms of practice reps) on the roster. So I don't have a problem with Meredith being cut.
Frankly, right now Meredith shouldn't really be on anyone's mind for one simple reason: Bulaga. We got a pretty decent prospect who fell into our laps, and basically quashed our worries about having a young LT to develop. I'm not saying cutting Meredith was the right move (rather, it makes sense looking back), but unless Bulaga completely falls flat on his face Ted will have nothing to regret.
The NFL: Where Greg Jennings Happens.