I would rank the Patriots needs as follows: (1) secondary [need a ballhawking Safety badly], (2) interior OL [specifically Center, but also Guard], (3) outside-the-numbers WR, and (4) Pass rusher.
I numbered the needs, but they're all pretty much equal in my eyes. The Pats used their first of two first-rounders on the best available player (and also somewhat of a need), which is right in line with the Pats' M.O. Assuming that they use both picks (a big assumption), they will concede somewhat to need while staying true to the their philosophy of best-available-player by taking the best available player at a position of need.
Safety: With Barron and Smith off the board, the Pats would have to really reach for a Safety, although Markelle Martin has the kind of speed at the safety position that could allow him to play the kind of role the Patriots need. However, they could most likely take him or George Iloka in the second round. Its also too early for Stephon Gimore at CB. I doubt they'd go CB after taking McCourty and Dowling each of the last two years, anyway, but they could consider it if somehow Kirkpatrick slipped to them. I don't think they'd touch Jenkins.
Interior OL: With DeCastro and Glenn off the board, OG seems out of the picture here. Zeitler from Wisconsin could be a consideration, but would be a bit of reach and the need isn't dire. Center is a bigger need, but with Konz off the board, they can't reach for Ben Jones from Georgia. Maybe next round.
Outside WR: The Pats badly need someone to stretch the field. The offense hummed when Randy Moss was taking the top off of the defense. It has been good with Welker/Gronk/Hernandez terrorizing teams in the middle, but there is too much pressure on Brady to sustain drives that use at least a dozen passes. Blackmon is a pipe dream. Before the combine I thought there might be a sliver of a chance Floyd could fall to them, but he won't now. Kendall Wright could stretch the field in a DeSean Jackson type way, but his height really concerns me. Regardless, those guys are all gone in this draft. Stephen Hill, with his stock soaring due to his 6'5" size and 4.36 40 time, is a possibility. However, I'm worried about his lack of experience in the passing game. It isn't his fault, but option-offense rookie receivers - and even experienced NFL receivers - have really struggled to pick up the Pats' offense given its complex, read-heavy nature. I can't justify using a very valuable pick on such a risky prospect.
Pass Rusher: The Pats could really use someone who can get after the QB. A lot of good 4-3 ends and OLB have been taken. The best pass rusher left on the board, Zach Brown from UNC, does not fit the 3-4 OLB profile that Belichick prefers (6'4"/6'5", 250 lbs.). Andre Branch is a consideration. He is big enough to fit the prototype of a Belichick 3-4 OLB, but maybe too big. He played some linebacker at Clemson and allegedly has very good closing speed. At the end of the day, I like Zach Brown's raw speed coming off the edge, despite the fact he is undersized and probably slightly overvalued as a workout warrior. If he can learn the position from one of the game's great teachers, he will be allowed to focus on the one thing he can probably do best: get off the edge and after the QB faster than the Tackles can block him. He has the bigger upside and you can't teach speed.
Zach Brown, OLB, North Carolina is the pick.
(note: I know not all of that can be posted into the running tracker at the top of the thread. M2SB, you can edit it down however you want. I just wanted to get my full rationale out there.)