I follow the CSB lists prior to the draft and do some research (although nothing like some here) and am always fascinated when a GM picks pretty far off the list. Obviously, each scouting dept. has to have their own list, team needs, etc. Of the busts, Niewy picked Glennie and JC much higher than ranked, and Jamie O and Faksa right about their CSB rank. Those two are still in the league, with Faksa living up to his promise.
Nill has picked off the list a few times, both the Russians, for instance. Of course, Nuke was rated high, but also a risk due to attitude and contract demands, which turned out to be true, at least in his first Stars run. I think Honka was picked near his rank, maybe a bit high, but he needed playmaking D. Tufte, etc. not so sure, but I think this year's crop were all picked right near their rankings, and have hopes they live up to their draft positions.
And yes, I know the overall bust rate is pretty high from the CSB rankings, too. But, always interesting to see a GM go against the group think. Someone could probably analyze some patterns of booms and busts on the reach.
I am going on memory, so I don't include the Gainey or Armstrong era picks. But, do recall Jarome Ignila was considered quite a reach, and he panned out, while Botterill, etc. were picked right near their rankings, and never did. Pre-Dallas, Gainey also reached for Doug Zmolek, who was ranked in the 50's, and he picked him 8th. But he traded him for Sydor, picked 7th a year later, so it all worked out.
Looking through the Dallas drafts over the years, it is fun to see 2-4 players make it from most years (measured in games played). Just, we don't have too many number ones producing for us, but I think they draft too much below average, looking at Hockey News stats.