Would you sign him? Tough call because he can still kind of play, but he kind of can't either. If you bring him in as a backup, there will be immediate cries to have him start as soon as the QB1 struggles. If you bring him in to start, how much does he have left in the tank? Can Vick be a good glue guy in your locker room? He's not going to get a contract anywhere near what he used to make, so will he take a pay cut?
What about the baggage? Well, we seems to have matured a bit (he diffused the Riley Coper N-word situation in Philly last year) and his dog days are far behind him (he's done a lot of work with the ASPCA).