He does have a noticeable hitch in his throwing motion that makes him vulnerable to fumbles. I remember watching videos of him working on changing that motion after college and just before the NFL draft -- but I don't think he was successful in doing so.
Here's a recent article claiming Tebow's fixed his footwork and is throwing much better now.
http://profootballtalk.nbcsports.com/2013/04/29/testaverde-disappointed-tebow-didnt-get-a-chance/