I like Cam's skills as much as you and believe in giving people 2nd chances usually...but the QB position is one that you DO NOT want to have a perpetual question mark. You want someone who is not only extremely talented, but who is a high character guy...and without grade issues. If they aren't disciplined enough to keep up their grades, they are likely not going to be as dedicated to film and playbook study as you want either.
I just feel Newton is a very high risk to be another James Banks or Brent Schaffer. I think CLK will invest in a more solid prospect.