S Marviel Underwood hasn't shown great speed on the field in limited playing time this preseason, and on a deep reception by Pittsburgh's Santonio Holmes during this first preseason game, he looked rusty after sitting out the 2006 season. With so many guys playing well in the secondary this preseason, it isn't a surprise that he is being released.
Mike McCarthy said that he is being released now to give him a chance to catch on somewhere else, and he might have a good point. There do seem to be a lot of injuries going around this preseason, and the NY Giants, for example, just lost half of their starting secondary (CB Sam Madison and S Will Demps) to injury in the preseason game at Baltimore.
It is disappointing to see someone who is trying to come back from a severe knee injury, and played so well last preseason before the injury, get released. However, he probably does have a better chance for playing time in someone else's training camp, and the Packers are going to probably have some tough roster decisions with so many different guys playing so well this preseason.