Goalies are notoriously hard to project at the draft and Theodore was a very recent Hart/Vezina winner coming off a strong season. Changes to equipment after the lockout seem to have shifted the league towards bigger goalies, these are tough secondary effects to predict.
Lots of people are against drafting goalies that high, Price turned out to be a good pick but it's not like MaGuire is the only guy to shy away from selecting goalies high.
As for Lee, I really wanted Kopitar, so I won't defend the selection, but the selection gets criticised more than is fair imo, Lee had an undiagnosed degenerative knee problem that started causing him big issues early in his Tim as a Sen, he was on the drive with Mendes talking about how he couldn't do a lot of the lower body workouts because his knees were shot at 20 or 21.