In the sage words of the Talking Heads, "Same as it ever was." In all professional sports, the top 1/4 or so of the GMs take advantage of the bottom 1/4 or so of the other GMs. Here, Seattle has a lot of opportunity to ice a pretty decent playoff-possible team right out of the gate, and they've basically had an extra year to dive deep into talent evaluations. But that's just the opportunity, and we'll have to see how well Seattle's GM pulls it off. And, really, we will not know until about mid-season if Ron Francis is a genius, merely average, or a schmuck, since you can put a group of talented guys together but the team chemistry has to work out too (arguably, that was the final key to the VGK's first-year success).
FWIW, I think these expansion drafts are good because they cause a mild churning of the NHL's talent pool by giving good organizations an opportunity for upgrades while freeing up a few talented players stuck in mediocre organizations.