I think that's a reasonable stance. I just think you and jurb and a few others are overstating the importance of running back talent. I don't care how much "talent" a running back has as long as he has opportunity. Because for the most part, I don't think anyone on this board is a good enough judge of talent to really distinguish between two backs who are 5'9", 209 lbs and run a 4.5 40. Yet Gio is considered an elite talent, and Freeman is considered pedestrian.
Headed into last year, Ben Tate and Bernard Pierce were drafted early in redrafts and expensive in dynasty. By the time they got an opportunity, they sucked. But while the overwhelming consensus was that both were more talented than Rashad Jennings, it was Jennings who was a top ten running back the second half of the season, and it was Jennings who parlayed that into a starting job. Pierce? Still the backup behind a guy who sucked last year and got suspended. Tate? Signed a mid priced free agent deal and may be back in another committee if he's not careful.
If you drafted these guys solely based on your perception of their talent, or based only on their second round draft status, you'd have wasted your picks every bit as much as if you drafted a less talented guy who didn't pan out. There are plenty of examples of untalented backs sucking. There are plenty of examples of talented backs sucking. But there are no examples of talented backs or untalented backs excelling without opportunity. And running backs are so scarce that any young running back with an opportunity has significant value.
Fourth round picks come in different varieties. Some have high upside, but have high risk, others fill out a roster. Freeman serves as the standard depth selection as he wasn't even an amazing player at FSU. A solid player in college will at best make a solid player in the NFL.
Let me tell you the story of a player who attended the University of Texas. After starting two games and averaging over five yards per carry for the second straight season as a sophomore, Holmes received more significant playing time as a junior. He rushed for 524 yards and five touchdowns, and was named MVP of the Sun Bowl after rushing for 161 yards and four touchdowns in a win against North Carolina. Unfortunately, he missed the 1995 season with a knee injury, allowing for the emergence of a future Heisman Trophy winner as the starter. Relegated to third string, he scored thirteen touchdowns despite carrying the ball only 59 times. He rushed for a career total of 1276 yards and 20 touchdowns, averaging 5.1 yards per carry. That player was Priest Holmes
Freeman bettered those stats in every way. He was the lead back in his committee. He was first team all conference and helped his team win a title. He averaged 5.6 yards per carry (5.9 in each of his final two seasons) and finished with 30 rushing TDs. He had more yards and more touchdowns despite getting limited touches. Then again, James Wilder is no Ricky Williams. The truth is, we just don't know. But saying that his stats mean that he is solid "at best" isn't really accurate.
You acknowledge that some players are high upside. Why can't Freeman be one of them? If I had to pick a reason for a guy to slide to the fourth, the fact that he was in a crowded backfield in college isn't the worst reason. I'd much prefer that over a guy who just plain sucks at catching the football (Andre Williams) or can't run inside (Lache Seastrunk).
I also mentioned earlier why it's a little disingenuous to refer to him as a "fourth round pick" when he was one of the first selections on day three, and why the teams ahead of him may have been looking for specific types of players while Atlanta was mining for a backup with starter potential. Whether Freeman is good enough to be that starter remains to be seen, but Atlanta thought he was good enough that they took a talented but unproven player while teams around them took good but one dimensional players.
As far as I'm concerned, neither you nor I know how talented he is. We don't even know if he's going to get a shot to start. But he's got the clearest path to starting carries of any rookie back not named Hyde or Sankey, and the upside if he can become a true three down starter for Atlanta is enormous. He's certainly got bust risk, but he's an upside play, which is what most late first rounders are.