I completely disagree. Go look at the post about teams that drafted TE's early and you'll see how much of an x-factor they are. Realistically, they really aren't a factor at all. Yeah, the guy with Gonzo or Heap or Shockey will get an average of a few more points per week at TE, but they will lose points elsewhere.
You seem to be missing the bigger picture. Sure if you draft Tony G. in the middle of round 4, you're losing points elsewhere, but that's for every position.
Lets set up a mock scenario. I think most people would agree the breakdown of WRs selected in the first 5 rounds would go something like this.
Round - # selected - points averaged
1st - 1 - 158
2nd - 2 - 151
3rd - 6 - 102
4th - 8 - 83
5th - 6 -72
So let's assume you and I are in a draft occupying the middle positiins in a 12 team draft. Rounds 1-3 We each select 2 RBs and a WR. Now comes round 4. The top 9 WRs are off the board. The average points scored for the next 8 are 83 points at this point in the season. Lets say you grab one of those WRs. My pick, instead of taking a WR, I have my choice of a top 3 TE, which averages 65 points up to this point in the season. Round 5 we both pick out of the pool of 5th round WRs that are averaging 72 points at this point in the season. Now the draft continues on and somewhere around round 12 you pick up any old TE to stick in that spot and for arguments sake we say you got lucky and picked up a producer in the 11-12th TE range, which is averaging 33 points up to this point in the seaon. Assuming the rest of our picks are about equal lets see what we have.
At WR you have 102 + 83 = 190 + 33 (TE) = 222
At WR I have 102 + 72 = 174 + 65 (TE) = 239
I've got you beat by 17 points on the season, which is basically 2 PPG. Not a whole lot really, but FF is a game of accumulating small advantages. Now lets look at some other factors. If you happened to read the thread a week or so ago when we were debating the value of drafting 2 RBs right away v other draft strategies, I ran some VBD #s and compared them to pre-season rankings (I'll post a link shortly). One of the trends that was discovered was, after round 3, the % of outright busts increased tremendously (over 50%) I think.
Think about the WRs who would have been going in round 4. Plax, K-Rob, Boston, Toomer, Rod Smith, Bruce, Driver etc etc. That's a lot of guys who aren't living up to expectations. So if you pass on that in round 4 and went for a top 3 TE, guess what... The preseason TE rankings were Gonzalez, Shockey, Heap. Guess who are in the top 3 currently? Gonzalez, Shockey, Heap.
There's no such thing as a sure thing, but those 3 are damn close. Also their consistency is very valuable also. Gonzalez has only had 2 subpar games at this point. By comparison, Itula Mili (#11 TE) has had 3 games with 0 points, 1 game with 1 point and 1 game with 2 points. That's 55% of the time he is almost worthless to your team.