Ray really hit the nail on the head with his explanation, I think. The biggest issue is that, in order for late round players to have high value, there have to be a lot of early round players that have low value, and that means that you have to accept that you are likely going to get burned with your high picks. Otherwise the leagues are flooded with high value players, and to quote Syndrome, "if everybody is super, no one will be."

The beta leagues have a bit more movement in the later rounds (hopefully) to encourage you to roll the dice and keep those players around a little longer. But the only effective way to push talent down into later rounds is to add unpredictability to the "good" players, which while I thought the draft obfuscation was an interesting experiment it frustrated a lot of players who lost out on their high picks, and at this point I have not had a better idea to push talent down into later rounds.