Chris Davis can easily fill the void left by Bobby Wade. The two are actually very similar in fact. Davis is a small, shifty receiver with good hands. He is 5-10" tall and weighs 181 lbs. He runs a 4.52.
Davis is another smart player drafted by the Titans. He was a high school QB, so he does a good job of picking up defenses. The NFL.com page talks about his sharp route running skills. That is something that will come in handy when working with Vince.
The knock on him, of course, is his size. At 5-10" he is not the ideal height for a receiver. I don't think this will be a problem with the way the Titans will use him. He will probably see a lot of action in the slot and on some trick plays/reverses. He could also help fill the void in the return game.
Again, I am a huge fan of smart players. I think this guy could be the best pick of this whole class.