I have thoroughly investigated this strategy. There are good and bad points to it. My thoughts:
If you play in a 3WR league, it makes more sense, espicially if it is PPR league.
However, the very RB first mentality has created a scarcity which otherwise wouldn't exist. Think about it like this: if all the stud WRs were gone by the end of the second round, everyone would grab a stud WR in the first round, thinking they can still get a great RB in the second, which would accellerate the trend. Thus, if you don't spend high draft picks, you had better hope you'll be getting a great sleeeper who blossoms, because you cannot get a good starter RB otherwise in the third through end.
Conclusion: grab a RB in the first round, and then go WR WR, or if a great RB falls into your lap in the second, get him instead of a top RB. You can still get good WRs in the third through fifth round, but you cannot get a good RB there.
"I always try to play beautiful games" - Gary Kasparov