I saw him on TV for the Giants in the Sportsnet games a couple weeks ago and was quite interested to catch a glimpse too, given that I've also heard some of the raging debates, and wondered at the stats I'd seen. Limited viewing, to be sure, but I would have come away from that a bit worried. I certainly didn't see a 1st round-worthy pick there. At best he's #4 on Vancouver's depth chart, which might in itself not be a huge knock, given that they're a strong team and the 3 guys ahead of him could arguably be rated as 1st-round-calibre talents (Blum, Franson, and Mikkelson). Then again, Thelen is the oldest of them all. He looked... "adequate", say... not too much of a presence in any facet, a bit plodding at times, but not terrible or anything. As an overager and a top-15 pick, of course, one wants an awful lot more than that from him.
I guess the bottom line is that I didn't have any of the fears inspired by his detractors and those saying he'd be a bust dispelled by that viewing opportunity. But since it's only a limited viewing, and since defensemen often have a good long time to get things sorted out, I wouldn't completely give up hope or anything. I don't know much about his situation. Playing in the Memorial Cup should give him ample opportunity to break loose at this level, if he's going to. I guess if I didn't already have him signed in my organization, however, I'd have to be weighing the risks and rewards of letting him re-enter and taking the 2nd round pick instead. He might be looking more like that level of prospect than the level he was drafted at.