Tom Verducci wrote a piece for SI outlining three problems with the MLB Draft (no trading of picks, overspending on mid-round picks, length of the draft) -- it's an interesting read, but this particular fact really struck me:
http://sportsillustrated.cnn.com/201...html?eref=sihpIn 2000, major league teams selected 436 high school players after the 13th round. Only nine of those kids signed a contract that year and eventually made it to the big leagues -- a 98 percent failure rate. After Round 26, teams selected 213 high school players, only one of whom, Victor Diaz, an outfielder who appeared in 147 games for the Mets and Rangers, played even a day in the big leagues -- a 99.5 percent failure rate.
Really does lend a lot of credit to the idea that the draft should be cut off a lot earlier than it is.