Kessel is going to be a great player, potting 35-45 goals a season. He's only 22 years old.
Two picks that are going to be turned into 18 year-olds who may or may not play in the next 3 or 4 years, and may or may not be worthwhile NHLers, are no reason to become despondent.
Don't think that Brian Burke has somehow screwed up the rebuild and we are already on course for JFJ part 2 and we'll never make the playoffs and we're always going to be losers and omg the team sucks and they will lose money and fold and the city will crumble and Canada will explode... Calm down.
Take a breath, and think about what we have.
In his debut with Toronto, he put up 21 pts (13G, 8A) in 22 games... which were played in 44 days. He started this season with no training camp. He had major surgery in the summer. If there's someone who can be excused for hitting the wall, it's him. With proper recovery and preparation, I have no doubt that next season we will all see something special in Toronto.
On Draft Picks
First overall picks have cachet, glitz, and glamour. They can be generational, franchise players. Or they can be high-level NHLers. Or they can be solid contributors. Or they can be merely roster filler. The picks Toronto has given up may be one of these, or they may be busts. But the importance of the draft doesn't stop after the first 5 players are taken.
In fact, for all the hopes that teams missing the playoffs can rebuild through the draft, the quality of your scouting staff is much more important than how high you pick. Toronto has been overhauling their draft staff over the last few years, from the successes of the JFJ years (Stralman, Stalberg, Mikus, DiDomenico, & Gunnarsson were all picked 5th round or later) to recent bright spots by the Fletch/Burke rollover (Champagne & D'Amigo might become steals). If you don't pick smart, it doesn't matter where you draft.
To see proof of this, come along with me to my companion article: How To Actually Draft.