People are entirely missing the point of Canowupass's original post, and I happen to heavily agree with him (I've always said this).
The old addage is "you can't win your league with your first round pick, but you certainly can use it".
Obviously people can chime in with useless anecdotal evidence about how they had LT and lost. And likewise, we can also chime in with plenty of anecdotal evidence of people that drafted first round busts and still won, yet the saying that you can lose your league with your first pick is still around.
The saying came around because previously "nailing" your first round pick netted you a couple points headstart on the next guy, while "missing" your first round pick dug you into a hole much more than a couple points per week. However, with the way LT has played this year, and LJ last year, and Priest during his huge year that is no longer the case, and we are to the point where the top RB is outscoring a mid-first round RB by far more than the mid-first round RB is outscoring the first-round "busts". I mean heck, we're pretty much to the point where RB1 is outscoring RB3 or RB4 by more points than those RBs are even scoring in the first place (and hence obviously by more points than they're outscoring ANYONE else).
It used to be take LT over Priest, and lose a 5 TDs and 100 yards of production throughout the course of the season to make sure you don't end up with a 1200/7 bust in the first round. Now however, when you go from RB1 to RB2 or RB3 or RB4 you're not losing 5 TDs and 100 yards, you're losing 15 TDs and 500 yards which is almost a whole first-round RB worth of points in and of itself.
Case in point:
Rudi Johnson is a good example of a nice, safe first round pick. Nobody expected him to go for 2500/30, but everyone knew he'd give you at least 1200/10.
Rudi currently has played right around expectations and sits at 1150 yards and 10 TDs, for a total of 175 points in standard scoring leagues. Meanwhile, LT sits at 2100 yards and 31 TDs plus two more passing TDs for a total of 404 points.
So let's take our first round bust of Edgerrin James, who has put up 1200 yards and 5 TDs, for a total of 150 points.
So nice safe Rudi right around expectations has outscored bust Edge by 25 points. Meanwhile LT has outscored Rudi by 229 points! More than Rudi has even scored!
Even if we take mega busts like Alexander or Caddy who have fallen off more than 1st round busts normally do we're still looking at losses of less than 100 points, whereas the gain with LT is 229!
Gaining 229 points increases your chances of winning by much, much, MUCH more than losing 100 points hurts them.
But here's the real kicker. The difference between LT and RB2 (LJ) at this point is larger than the difference between RB2 (LJ) and RB20!!!
That means that at this point trading Larry Johnson for Jamal Lewis would actually be less detrimental to your fantasy team than trading LT away for Larry Johnson.
So if you picked 2nd overall and drafted Jamal Lewis instead of LJ, that would hurt your team LESS than picking 1st overall and drafting LJ over LT.
So I reiterate, the old addage about losing your league in round 1 but not being able to win it is a total sham when you gain (far) more points from the right pick than you lose from the wrong one.