Here's some history on the players taken with the 1st pick of each season. For the sake of simplicty, I am using the franchises' current team names, not the old names when they were drafted.
Season 1 -- Stan Uribe, P
Drafted by Salem, currently with Toronto. Probaly due to the game being new, but it's surprising he was taken with the 1st pick. Uribe has been good, but not great over the years, and is still pitching at the ML level as a starting pitcher. He has a lifetime 119-95 record and a 4.42 ERA and has been traded four times while only been on the DL once. Decent pitcher, but too high for a 1st pick overall. Parker McIntyre was the 17th overall pick of this draft.
Season 2 -- Alfonso Gabriel, P
Drafted by Boston as a risky pick, and he never signed. A waste of a first pick.
Season 3 -- Oscar Martin, P
Drafted by Toronto, currently with Toronto. A good pitcher, worthy of being taken with the 1st pick. Still with the team that drafted him ten years ago, he's a SP who has been named to the All Star Team twice and has a impressive 117-73 record and a lifetime 4.33 ERA. Oscar has been on the DL twice and was a good pick.
Season 4 - Clay Malone, P
Drafted by Texas, currently with Pittsburgh. Another pitcher, he's been just as good as Oscar Martin, with a lifetime 57-48 and a career ERA of 4.74. Malone made one trip to the All Star game and a Gold Glove award in Season 12. Malone has a bad history of injuries, though, going on the DL 6 times and being traded twice before being a SP with Pittsburgh. Risky for a 1st pick.
Season 5 - Cookie Floyd, P
Drafted by Texas, currently with Pawtucket. A bit of a stretch for a 1st pick, Cookie has been traded twice, and is currently a SP with Pawtucket. He's been on the DL twice and has a lifetime 59-64 record and 4.96 ERA. Not worth a 1st pick, a pattern which seems to be repeating.
Season 6 -- Patrick Knotts, C
Drafted by Cincinnati, currently with Salem. The first player taken who was not a pitcher, it's hard to argue with Patrick going 1st. He may not be a catcher, but he's a very good hitter, putting up 109 HR's and 354 RBI's with a lifetime .319 average. Making the All Star team last year, he has been traded twice and never injured. Despite his low pitch calling rating, he has been used as a catcher for most of his ML career. It seems he would do better if he was used just as a DH and had the chance to play every game. Knotts signing bonus ($10.4 million) is the highest in league history.
Season 7 -- Larry Dupler, SS
Drafted by Trenton, currently with Trenton. Another non pitcher taken in the 1st round, again he looks like a good pick at that spot. Still with the team that drafted him, Larry is making big money (9.5 mil a year) and has earned a Silver Slugger and Gold Glove award playing RF, as well as two All Star trips. Only once has he gone on the DL and he has 172 HR's and 569 RBI's witn a lifetime avg of .283. He's going to be a good player for a long time to come.
Season 8 -- Lonny Pujols, SS
Drafted by Texas, currently with Texas. Another SS taken with the 1st pick, he's mostly played 2B and 3B in his time in the bigs. Not a full time starter until last year, in his limited time Lonny has 72 HR's, 228 RBI, and .260 average and has never been injured. A very good player, but perhaps too high to take with the 1st pick.
Season 9 -- Valerio Reyes, SS
Drafted by Boston, currently with Columbus. Yet another SS taken in the 1st pick, he again seems to be too high to spend that pick on. Valerio played all of last year as a starter at the SS position, then was traded to Columbus this year where he's played 2B and spent time on the DL, his first injury. In his young career he has 25 HR's, 126 RBI's, and a .281 average. Very similar to Lonny, in that he should be a very good player. It should be noted that pitcher Cozy Ponson was taken with the second pick.
Season 10 -- Octavio Guerrero, P
Drafted by Richmond, currently with Richmond. A pitcher is finally taken with the 1st pick again with Octavio, although it's debatable if he was worth it. Still in Triple A as he works his way up, he's a starter with a lifetime record of 26-29 and a ERA of 4.72 and has been injured once. Should be a decent SP in the 4th or 5th spot for a desperate team, but better as a LR. Very debatable spending a 1st pick on.
Season 11 -- Douglas Slaughter, P
Drafted by Colorado Springs, currently with Colorado Springs. Another SP, he again fits into that 'good, but not worth a 1st pick' group again. Currently in Double A, the young Douglas has a 12-9 record and 3.75 ERA with no injuries. Time will tell how he does in the bigs, but he should do better than the last pitcher taken in Season 10.
Season 12 -- King Ray, RF
Drafted by New Orleans, currently with New Orleans. The first player of his position taken in the 1st pick, King is already in Double A, although spending a few days as part of his first trip to the DL. He jumped from Rookie ball last year to Double A this year, he has 19 HR's and 78 RBI's with a .318 average. He has the abilities to be a wonderful player who can hit for power, but it's too soon to pass judgment on his worthiness as a 1st round pick.