I disagree with this, basically because it is completely false. Let's take a look at the running backs that were drafted in the top 5 since 1989:
1989: Barry Sanders, #3
1990: Blair Thomas, #2
1993: Garrison Hearst, #3
1994: Marshall Faulk, #2
1995: Ki-Jana Carter, #1
1998: Curtis Enis, #5
1999: Edgerrin James, #4
1999: Ricky Williams, #5
2000: Jamal Lewis, #5
2001: LaDainian Tomlinson, #5
Ten runners taken with top five picks over that time span. Out of those ten, only three are considered busts. The only thing this tells me is to not drat running backs from Penn State, because the three busts played for Penn State.
Now, let's take a look at the receivers taken with top 5 picks over that same time span:
1992: Desmond Howard, #4
1995: Michael Westbrook, #4
1996: Keyshawn Johnson, #1
2000: Peter Warrick, #4
2003: Charles Rogers, #2
2003: Andre Johnson, #3
2004: Larry Fitzgerald, #3
Seven receivers were taken with top 5 picks over that same time span. Out of these seven, two were flat out busts. One can be considered a bust for how high he was taken (Warrick). One definitely has not performed up to #1 overall pick standards (Johnson). One has been an injury bust so far (Rogers).
Only Andre Johnson is a complete stud on the field at this point, though Fitzgerald should get better as he gains experience.