The Ravens love compensatory picks. They lead the league in compensatory picks by far and this is taking into account the fact that the league had a head start. The Ravens have done this by targeting players that other teams release and avoiding true unrestricted free agents. But the Ravens didn't choose to do that this year.
This year, the Ravens had a spending fit in free agency. Well, as much of a spending fit as the Ravens will ever have. The Ravens signed tight end Benjamin Watson and 3 time pro bowl safety Eric Weddle this offseason; two players whose contracts naturally expired. At this moment the Ravens are even in terms of free agent gains and losses. The Ravens will not be compensated for the loss of Kelechi Osemele or Matt Schaub.
Personally I think that Weddle and Watson are worth more than the compensatory picks. The Ravens are getting veteran leaders, something that a fair number of people believe the current teams lack, at the expense of what might be no more than picks at the bottom of the third and seventh rounds, which may garner one roster player.
But is it worth it? Will the Ravens be helped more by having a veteran tight end with soft hands and one of the best safeties in the league than they will by having an extra pick at the bottom of rounds three and seven? It's worth thinking about.