I agree that Cherepanov is an offensively talented prospect that deserves to be highly touted in the 2007 draft, however, I just cannot see him going in the top 5 picks.
I think that until the Russian transfer agreement is signed, Russian prospects are proving to be more of a liability. Teams are finding it increasingly difficult to sign players and retain players within the system once they find their way to North America.
Since this has been the norm with players such as Malkin, Ovechkin, Kaigorodov, Lisin, Semin, Mikhnov, etc over the past few seasons; I find it hard to believe that a GM would consider using a top 10 pick on a player that could possibly be 2-3 years away from even stepping on the ice in North America.
Either the teams face a court injunction and financial liability, or the players become disenfranchised with working their way to the top of the line-up.
My prediction would be a 1st round selection; possibly 15-20th overall. However, having said that, I am sure that some GM will find it too tempting to pass on the offer.