Jones would serve the dual purpose of solidifying the return game while also being able to help as a wide receiver. He wouldn't necessarily be a Hakeem Nicks replacement at receiver, but he could help add depth at a position that didn't offer much last year. (i.e., he probably offers more than Louis Murphy does)
Josina reports that Baltimore is still in the mix to re-sign Jones, so this isn't like the Geoff Schwartz or Rashad Jennings deals that are agreed to and need only signatures to complete. But if the Giants and Jones can come to an agreement, he'd be a nice pickup.
Jones ranked sixth in the league with 892 kick return yards last year and fourth with an average of 28.8 yards per kick return. He split punt return duties in Baltimore with Tandon Doss, but his 12.5-yards-per-punt-return average also ranked among the league leaders. He also caught 37 passes for 455 yards and two touchdowns in just 12 games as a receiver. He has at least 30 catches in four straight years, with his career high of 51 coming in Houston in 2010.
Victor Cruz, Rueben Randle and Jerrel Jernigan are the only two wide receivers on the Giants' roster right now for 2014. They're likely on the lookout for a top wide receiver in free agency or the draft, though it's possible that Randle could develop into Nicks' long-term replacement.