It's amusing to me how about a month ago most everyone was wondering whether AO would stack up against Gretzky and Lemieux... and now the majority of the talk on these boards are saying he has a Naslund/Forsberg type cieling. I think people were getting bored with hearing how great AO was going to be and find the EM/AO debate far more interesting (although it has some merit based on EM's post-concussion play and his upside). However, AO should not be devalued in anyway as he has in the past month on the ice to warrant it. He's the best anyone has seen in a while regardless of many of the issues AO-haters are putting against him. He's special.
Malkin's value may have risen, but I seriously doubt that everyone in the NHL (not the media) who's come out and praised AO so greatly were buying into some sort of hype machine. They've all seen him play since he was 14 or 15 years old. As long as I've been following the draft, I can't remember someone being so hyped two years before and through their draft year (Lindros was and now Crosby is also). No one reputable has come out and said that AO has regressed in anyway I dont think.
However, there are a couple things in my eyes that could make for a good argument for the AO/EM debate. First, I think it's possible that since AO plays an All-round game and has such amazing speed that scouts may have been a bit awestruck in seeing him at first. Is it possible that he's not as great offensively as once thought because people are starting to look past his physical gifts? Maybe he's been slightly overrated because he was so mature all-around for a player as a 16 year old. Eventually, most players gain maturity. As all these players get into their early 20's most of the successful ones will be able to play an all-round game.
Secondly, AO has been bigger physically than most players for his age. When he played in the U-18's as a 16 year old he was still above average weight and height-wise with the older players. This was the year everyone started to gush over AO as he dominated with 18 points (much of which were against Germany, Norway, and Slovakia... but that's another issue). He may have been dominate in part because he was so advanced strength-wise and now scouts are seeing that. Anyone can watch him play and see how talented he is, so I'm not questioning his skill. I'm just throwing these out there to question why he may have been a bit overrated heretofore.
Even though I'm a rabid Pens fan, I still think AO's the best player in this draft by far... and although some feel Malkin may possibly have what it takes to be better in the long-run, it will be a huge upfield battle to catch up. As much as EM has progressed, it would take awful big stones to say that a player such as AO who has always been so advanced for his age will not follow the path he has so far and keep improving. IMO, he would really have to Pejorative Slur for Malkin to overtake him. And unless you really like to gamble, I don't think there's any question who should be the #1 pick overall.