Contract is fine if Cam is a Jason Campbell type player.
Contract is not fine if Cam ends up being the star that many feel he will/can become.
It's really that simple. Nothing to be happy about, unless you feel two things will happen:
1) He becomes a superstar type player at the QB position
2) JR and company will sign him to an 8-10 year mega deal when the time comes.
Are you implying that you think that the guy who gave Delhomme a fat contract extension, "because he did some good things for us in the past and we owe him", would not give Cam a fat contract when the time comes if he deserves it?