Exactly. They may not rack up 1200 yards in a college season, but they stretch the field.
In fact, I'd go as far to say when you can competently use your TE, it actually allows you to BETTER stretch the field than what a WR does. Everybody can be defended at the WR spot. EVERYONE. However, if you have a Shockey or a Winslow, who has similiar speed and is matched up on an OLB or FS, you are able to really streeeeeeeetch the field.