Player performance is only half of draft value. Getting the player at a draft position lower than his performance is the other half. To use the overused example from 2004, if you took Muhammed with your 2nd round pick after Moss and/or Owens, is that value? Even though he ranked #1 at the end of the year, you (probably) could have had him 8-10 rounds later based on his ADP.
Projecting McNabb #1 with the best season ever and drafting him in round 1 (when he would be there in 2 or 3) isn't getting value, it's doing amazing projections! There is a difference between the two.
My contention with that is, how do you know he will be there whether or not ADP says he will be? You don't.
So basically what you guys are saying is that you only look at how the guy is projected to do during the season, and not how he actually does in the season when considering value.
If that is the case then someone who got Ricky Williams in the 5th round last year had a great value pick? Even though he never played a game or had any stats.
To me its not a good value unless the player surpasses his draft spot. So if you pick McNabb as the second QB and he ends up the best QB.... then it was a value pick.