Let's keep that argument distinct from this one, because there is a logical argument to be made for not wanting the #3 pick in the draft.
Keep it distinct if you want, but worse case scenario, you just keep passing on your #3 pick until number 23 pops up then use it. Therefore your #3 can be anything from a number 3 on down, so why wouldn't you want it. The problem is that there is a formula that was devised to show how much each slot is worth, which with the new rookie pay scales has shown to be inaccurate, meaning that the number 3 draft slot is not worth what it once was.
All that being said I was simply using that to show how poor the arguments really were, the draft is not an exact science, some of the best players were never drafted, some very very poor players were drafted very high. All the draft really does is assign the likely hood, in the estimation of the drafting team, that a certain player is better than, or will help their team more than, another player.
Which ties together with my first point, the earlier the pick, the better the chance that a given player will succeed. However, there are so many variables, it is foolishness to assume that the draft position is the beat all end all of how good a player will be.