As for the OP, I think it's hard to get an accurate perspective on previous eras. Between ESPN, talk radio, other TV networks, and the internet, there are about a billion different media outlets pumping out content these days. They saturate the market with hype about the flavor of the week stories. Luck has been one of those stories in the second half of this college football season, so of course we've been subjected to a deluge of puffery.
I also think there's a tendency to make bold declarations about each new crop of prospects. Just think about all of the receiver prospects we've seen in the past decade. First it was "David Terrell is the best WR prospect since Randy Moss." Then it was Charles Rogers. Then Larry Fitzgerald. Then Calvin Johnson. Now AJ Green. In between we've had glowing hyperbole for additional guys like Roy Williams, Braylon Edwards, Michael Crabtree, and Dez Bryant.
There's definitely a tendency to exaggerate the differences between the elite prospects in the current draft and the elite prospects in recent drafts. Having said that, I do think there are legitimate differences sometimes. The #1 pick is often spent on a QB by necessity. Teams at the bottom of the standings rarely have good QBs. You need a good QB to win in this league. Therefore teams at the top of the draft usually take a QB, even if they have to shoehorn someone into that pick who really doesn't deserve it. Alex Smith and Michael Vick both went 1.01, but one was a question mark all along while the other was seen as a can't-miss phenom.
I think we can separate top 5 QB prospects into a few distinct categories:
Can't-miss franchise QB
Very good QB worthy of a top 5 pick
Reach
I can't speak with any confidence about the pre Manning/Leaf era because I wasn't following the game closely. Of the drafts that happened since then, this is about how I would break it down attempting to be as objective as possible. I'm going to leave out 1999 because I don't remember what people thought of those guys:
Can't-miss franchise QB
2001 - Michael Vick
Very good QB worthy of a top 5 pick
2010 - Sam Bradford
2009 - Matthew Stafford
2009 - Mark Sanchez
2008 - Matt Ryan
2004 - Eli Manning
2004 - Philip Rivers
2003 - Carson Palmer
2002 - David Carr
2002 - Joey Harrington
Reach
2007 - JaMarcus Russell
2006 - Vince Young
2005 - Alex Smith
People definitely had question marks about Vick, but there was little doubt that he was a phenom with unique talents. The 1.01 was seen as a major commodity that season and Atlanta paid a hefty price to secure that pick. Eli and Sanchez also commanded big trades, but Sanchez wasn't even seen as the consensus top QB in his draft and Eli never quite had that incredible hype. He was seen as a good, solid QB who would most likely succeed in the NFL, but not a world beater.
I'm tempted to put Bradford and Palmer in the first group with Vick. Of all the guys in that big second group, they're the ones who seemed to cultivate the most hype. The only reason Bradford isn't in that first group is probably because of his injuries. Had he stayed healthy and posted another monster season last year, he would've been the slam dunk 1.01 pick. As things were, there were some doubts leading up to the draft about whether he was worth the risk. That disqualifies him, IMO. I already said my piece on Palmer. I think his reputation outside Pac-10 country was greater than within. I don't think close followers of the conference really felt he was some incredible superstar. He had good tools, some high profile big games, a strong final season, and he played for a highly visible team. He really wasn't that great at USC though. Not even close, actually.
Luck is much more accomplished at this stage of his career than Palmer was. I think he clearly has more hype than Eli, Stafford, Ryan, and Carr. Those guys were not seen as a reaches in the top 3, but they were not exactly viewed as surefire saviors either (maybe Eli, but again, no one thought he was as good as Peyton at the same stage of his career).
So, to finally answer the question, I would put Luck up there with Vick, Peyton, and maybe a healthy Bradford as can't-miss franchise QBs. When he goes 1.01 it won't be an example of a QB needy team shoehorning an overrated prospect into that slot in hopes of solving its problems (JaMarcus, VY, Smith). Nor will it be a team settling for a solid top 10 QB who's seen as a safe investment if not a surefire Pro Bowler (Ryan, Stafford, Carr, Eli). It will be a team VERY excited to get a rare chance at someone viewed as a slam dunk franchise savior. That only really happens 2-3 times per decade at the QB position.