Short answer: no. Not at all.
I had Milano at #8 on my list. This kid is electric. And generally when you think "incredible offense", you assume the defensive package might be lacking. That's not the case. His D game isn't any better or worse than most of the guys taken before him (other than Larkin and Bennett). It's not a strength, but it's not an acceptable reason to have him lower on your list, either.
The reason he was ranked in the mid 1st is because WAY too much credit has been given to Jack Eichel. In reality, Milano and Eichel made each other better. Eichel is the better talent, but Milano owes Eichel nothing for the year he had.
It would not shock me one bit for Milano to become the best forward in this draft. Likely? No, probably not. But this is not a player who has a limited ceiling. I was desperately hoping for him to fall to the Flyers, and am quite upset he ended up on a division opponent. At least he's not on the Pens, though. Congrats guys, I think you got a damn good player. Terrific value for #16.
EDIT: Also, this kid goes hard. He loves the game, and he loves having the puck, but more importantly, he hates NOT having the puck. He does what it takes to get it back. That's instant validation that he won't be anything close to a Radulov, Zherdev, or Schremp.