Pearcy's success along with all of the WRs not named Sharod, Quintorris, Harry, and Kerry will depend on his ability to contribute as a return man and playing on special teams. The Falcons are looking for guys that can replace Eric Weems, which is why they have seemingly placed a premium on speed.
Pearcy can fly, but guys like Calvin, Stafford, and Marcus Jackson all ran sub 4.5 40s at their respective pro days. ANd James Rodgers before his injury was also considered a burner. Not to mention, Kevin Cone and DJ Davis aren't exactly slow themselves.
And don't think that because of the rule changes, that you can just plug anybody back there to make an effective kickoff returner. The rule changes make the margin for error IMO a lot slimmer. Because to really take advantage of that position, you need someone back there that you can trust to get 25 yards every time, especially on those kicks that go 5 yards deep in the endzone.
As for Faulcon, I think his chances of making the roster are slim unless he really shines on special teams or there is an injury. The Falcons are pretty much locked in there with Mitchell and Schillinger. He instead, might have to hope to make the practice squad and if/when an injury occurs down the road, he can get his opportunity.
"Vincere scis, Hannibal, victoria uti nescis" -- Maharbal, 216 B.C.E.