There are a lot more players this season with a decent chance to be good fantasy contributors, because there are a lot of good receivers fighting for spots in their teams' pecking orders, in an increasingly pass-friendly league.
The reality of the situation is that even though you may be able to spot ten such players, probably only half of them are going to end up producing. But that doesn't mean the ones that do weren't available late in your draft. The depth is there. It's just going to be a challenge to find it in the weeds.
Take SEATTLE. They've got a rookie quarterback, a defense they'll be relying on, and a potentially strong running game. But they're going to throw it to someone. Rice, Braylon, Baldwin, Winslow, and Miller are all going to be available in the later rounds of most drafts, and all of them contribute to making this draft "deep" at WR. But that isn't to say all five are going to be producers. In fact, given the nature of SEA's offense, chances are at most one or two of them will pan out and produce. But right now, they're ALL potentially good producers, with talent, in a good situation for someone to produce.
There are similar situations all over. STL. SD. IND. KC. Lots more.
Depth is misleading, but not necessarily illusionary. It doesn't mean that this year is going to produce twelve more really good fantasy receivers than any other year. But it does mean there are at least twelve, and probably more like twenty more guys with legit shots to be part of the group that DOES produce, than there are most years. And the astute owner has a chance to get some real values late in the game...and to see some proven, reliable commodities fall through the cracks while other people are chasing the hopefuls.