Is someone arguing against #1 being valuable? Of course it is valuable. But its no cheat code. In fact, just go to wiki, scroll the list of #1 picks and you will find more busts than champions in that list.. and more players that didnt become superstars than those who did.
There is little to no correlation between picking #1 and winning a chip. If we discount players who left their original teams, that cuts the list to... 1 in last 25 years?
Thats why you also have to discount Lebron. He couldnt rescue the Cavs from suckiness of tanking until he left and let them suck again for 4 more years only to return to play with a long list of top picks.