You do see a lot of overthrows, underthrows, dropped passes, etc. It is definitely not up to the standards of the NFL, and honestly, the skill level looks lower to me compared to college, but I'll admit I was watching LSU all year and they are a bit separated from most of the other college teams this last season. But hell, football is football and they'll be improving as the season goes.
The hits are a lot harder than you see in the NFL though. And they let people play, rather than tickertape parades of yellow flags.