Fantasy Upside
Even though he was signed primarily to be the team's kick returner, the Falcons have gotten Hester into the mix as a receiver in preseason (he even caught a TD in a Week 2 loss vs. Houston). A year ago Chicago relegated Hester to returner status only, but that doesn't appear to be the case in Atlanta. If Julio Jones, Roddy White or Harry Douglas were to suffer an injury, Hester could see some opportunities in the receiving game.
Fantasy Downside
Hester is currently blocked by Jones, White and Douglas on the depth chart and even if one of those players were to get hurt, he'd still be third or fourth in line for targets. He has some big play ability left in the tank but the thought of him being a consistent receiving option has long passed.
Bottom Line
While OC Dirk Koetter may use him as a gimmick from time to time, Hester doesn't have much fantasy upside. It would have to take significant injuries to two receivers ahead of him on the depth chart for him to hold any fantasy relevance and even then his opportunities would likely be limited. Avoid him on draft day.