That's definitely a pretty good batting average. I'm not sitting here saying the 1.01 is worthless. But in my defense, let's look at the best RBs drafted in a given year vs. the earliest taken:
2007 - Adrian Peterson/Adrian Peterson
2006 - Reggie Bush/Joseph Addai
2005 - Ronnie Brown/Frank Gore
2004 - Steven Jackson/Steven Jackson
2003 - Willis McGahee/Larry Johnson
2002 - William Green/Clinton Portis (or Brian Westbrook)
2001 - LaDainian Tomlinson/LaDainian Tomlinson
2000 - Jamal Lewis/Shaun Alexander
1999 - Edgerrin James/Edgerrin James
1998 - Curtis Enis/Fred Taylor (Ahman Green)
1997 - Warrick Dunn/Tiki Barber
1996 - Lawrence Phillips/Eddie George
1995 - Ki-Jana Carter/Curtis Martin
1994 - Marshall Faulk/Marshall Faulk
1993 - Garrison Hearst/Jerome Bettis
A few observations:
The first RB taken in the draft usually becomes a good player. William Green, Curtis Enis, Ki-Jana Carter, and Lawrence Phillips are the only guys on this list that qualify as true busts in my opinion. That leaves 11/15, which is a success rate of about 70%.
The first RB taken in the draft has only become the best RB from his draft class 5/15 times by my count. It's close with a few of these guys, but I'm sticking with that figure of 5. So recent history says
the first RB taken in the draft usually doesn't end up as the best RB from his draft. He only becomes the best RB from his class 33% of the time.
I would say 6 of these guys qualify as studs (Peterson, Jackson, Tomlinson, Lewis, James, and Faulk). That's a 40% success rate.
Now let's look at the 2nd RB taken in the draft vs. the best RB from his class:
2007 - Marshawn Lynch/Adrian Peterson
2006 - Laurence Maroney/Joseph Addai
2005 - Cedric Benson/Frank Gore
2004 - Chris Perry/Steven Jackson
2003 - Larry Johnson/Larry Johnson
2002 - TJ Duckett/Clinton Portis (or Brian Westbrook)
2001 - Deuce McAllister/LaDainian Tomlinson
2000 - Thomas Jones/Shaun Alexander
1999 - Ricky Williams/Edgerrin James
1998 - Fred Taylor/Fred Taylor (or Ahman Green)
1997 - Antowain Smith/Tiki Barber
1996 - Tim Biakabutuka/Eddie George
1995 - Tyrone Wheatley/Curtis Martin
1994 - Greg Hill/Marshall Faulk
1993 - Jerome Bettis/Jerome Bettis
It looks like the second RB taken also usually becomes a good player. The only outright busts I count here are Cedric Benson, Chris Perry, TJ Duckett, Tim Biakabutuka, and Greg Hill. That leaves 10/15, which is a success rate of 66%. However, the general quality appears to be slightly lower here and some of these guys toe the line between bust and success (Wheatley, Antowain, T. Jones).
By my count three of these guys ended up becoming the best RB from their class (Bettis, Taylor, and LJ). That's a success rate of 20%.
I would say 5-6 of these guys qualify as studs (Bettis, Taylor, Ricky, Deuce, LJ, and maybe Lynch). We'll say that's 5.5 studs out of 15, which is a success rate of about 37%.
Head-to-head comparison of RB1 vs. RB2
Success rate: 70% vs. 67%
Best in class rate: 33% vs. 20%
Stud rate: 40% vs. 37%
This admittedly isn't the greatest data set and the criteria I've used to separate players are somewhat arbitrary. Nevertheless, it doesn't look like there's a huge advantage between the RB1 and RB2. The only thing that really jumps out at me is that you have a better shot at a super stud (Faulk, Edge, LT, ADP) at RB1 than you do at RB2 (LJ?). Interestingly, three of those guys were top 5 picks and the other (Peterson) would have been if not for injury issues.
What does all this mean for us this year? If you trust the data:
Darren McFadden will probably be a good player in the NFL.
Darren McFadden probably won't be the best RB from this class (although his odds are better than anyone else's).
It's tough to really quantify the difference between 1.01 and 1.02/1.03 using historical data. There is a difference, but I'm not convinced that it's as huge as you're implying. Realistically, this is one of those things that should probably be handled on a case-by-case basis.
This year I think the decision really comes down to whether or not you believe in McFadden and/or to what extent you believe in the other first round RBs. Personally, I feel there are some latent risk factors with McFadden (his abnormal build and the potential of going to an atrocious team) that bump his actual value beneath his perceived value. That coupled with the fact that the other first round RBs (Mendenhall and Stewart) have a better body type for the pro game and will probably land on better teams has me thinking that this could be one of thse years where someone emerges from the mid-late first to become the best RB in his class ala Shaun Alexander, Eddie George, and Larry Johnson.
We'll see. If Darren McFadden is truly a transcendent talent then he'll probably win out in the long run regardless of situation. But if he's merely good then he'll probably be passed by another good back who winds up on a better team.