I guess I still have trouble with the "our scouting sucks so why bother drafting anybody?" argument. Having three picks instead of 1 is still more likely to produce more talent. Of course anyone we sign is likely to to be better, that's generally true even if you draft well.
But it does catch up to you. The Phillies gave up their first-rounder in 2003, 2005 and 2009, for Thome, Lieber and Ibanez. So yeah, I'd agree you want a star, not a Lieber or an Ibanez. But that requires a crystal ball when you're talking about pitchers and over-30 players. Obviously the fact that it's not first-rounders makes a big difference..
They also lost a first-rounder bringing back Lee, though they got a supplemental for Werth the same year (and also had two other supplemental picks during this period - they became Greene, Watson and Guiller).