I understand he's behind Peterson, but talent shines through in the end and I think he's super talented. He's dropping to round 2 in non ppr leagues and I think it's a huge mistake.
People passed on LJ because of Priest, Alexander because of Waters, and Deuce because of Ricky. Situations change quickly, and Id much rather stake a long-term claim to Gerhart than I would Ben Tate (for example).
Taking Gerhart over Tate in a rookie draft would be a mistake. Even if you think/know Gerhart is the more talented player and will eventually end up being the better player. Perceived value is just as important, if not more so than actual value.
Lets say you knew Tate would rush for 1000 yards and 10 TD's in 2010, and Gerhart 400, 4. You also knew that over the next 6 seasons after that, Tate would rush for 400, 4, and Gerhart 1000, 10 each season, who would you draft first in a rookie draft right now?

Huh?? Perhaps I have missed your point.
Under your described scenario, I would be foolish to take Tate over Gerhart in a dynasty format, unless I was desperate for Tate's production this season, or my league rules for retention of players was too restrictive.
As an ADP owner, I am hoping to see Gerhart fall to me in the 2nd, where I know I have no shot at drafting Tate or Hardesty, so I get your point about perceived value, but none of that means squat if I miss out on the player I am targeting. Because of Gerhart's perceived lower value, I would be tempted to trade down out of a mid-first round pick,
if I was targeting Gerhart there, but you better have a pretty good understanding of your league mates' tendencies.
Gerhart's average draft position represents potential value, I believe, but as other posters have identified, he is an older rookie who will likely get a limited number of touches for the foreseeable future, barring an injury to Peterson.
For me, I would rate Tate and Hardesty both above Gerhart, not because they are necessarily more talented, but because of the difference in the opportunity for meaningful carries. I simply do not see the gap in their talent levels being wide enough to warrant drafting Gerhart over Tate or Hardesty.