My initial reaction is that the Colts had a solid draft, although Ryan Grigson has failed to address a few things. Here's my reaction to each pick, as well as the draft strategy as a whole. For each pick you can click on the name and find my long-form analysis of how the pick will fit in Indianapolis.
First round, 24 overall: Bjoern Werner, OLB, Florida State
Overall, I've really warmed to this pick. The Colts desperately needed pass rush, and Erik Walden is the weakest starter on the defensive side of the ball. Werner likely won't replace Walden right away, but split time with him throughout 2013. Walden is the run specialist, while Werner will likely be the pass rusher. Werner should especially excel in nickel and dime situations, when the Colts go to four down lineman. Werner is best with his hand on the ground, as he can use exceptional burst off the line to get an advantage over offensive linemen.
I liked the value of a few other picks better at this spot, such as cornerback Xavier Rhodes. But Werner was one of my top five OLB prospects, and I like the fit as a SOLB.