Quote Originally Posted by pbmax View Post

Value in terms of just the draft (not the longer term payoff as Rand discusses in answer to you) is more about the pick and what it represents than the player itself. Did you use your 3rd round pick in a panic on the last safety and take a talent you rated for the fourth round? Do that a lot and you literally reduce the talent on your team over time. You could trade down and get a second fourth or fifth round talent.
Good explanation, but it all goes out the window if many guys from multiple rounds play well or, more likely, if can't play at all (see 2004 draft). Sometimes you don't have to wait 'over time' to see the talent of your team reduce!