I think he's quality. With him and Dempsey in mind, this would be interesting:
-------------Reina
Glen----Agger---Skytel-----Jose
--------------Lucas--------------
-------Gerrard-------------------
--------------------Suarez-------
---Borini-----Sturridge-----Dempsey
I think Suarez's skill on the ball, his mobility, and his vision make him perfectly suited to a CAM position. The three up front would be very mobile, versatile attackers, all comfortable on the ball, and all capable of rotating in a fluid 4-3-3.
If we don't sign Dempsey, Suarez could slot in on the left, with Aqua or Cole in the center.
There are some defensive responsibilities associated with that role. Whilst Suarez does do it, I don't want him to have to worry about tracking back that much. From the right like he plays for Uruguay and has a couple of times for his previous club, that's where I'd have him.