If Coles is not on the opening-day roster the Jets would not be on the hook for his full 2010 salary of ther veteran's minimum of about $850,000. So look for them to potentially bring him back after that so he could get paid on a more week-to-week basis.
That would make sense to me. Coles hasn't looked very good in limited preseason reps, and he hasn't impressed the coaching staff enough to see time with the starters. Still, I think he's a better option than David Clowney. He has a track record in the league and is much more seasoned as a route runner. Clowney also hasn't done much to distinguish himself.
Coles' value would significantly diminish after Santonio Holmes returns so the Jets could cut him loose then. He's still probably the best option to replace Holmes as the third receiver until then.