Even throughout the 30-year draft history, it's bleak on a team success front. Like you can kiss any hope of winning a premiership in the next decade bleak if you got pick 1 without trading for it unless of course your really a top 4 team who inexplicitly had a bad year (seeing the only team to have won a spoon, then a premiership within a decade is Brisbane). Though of course, had Carlton not got a priority pick in 2007, it would have been a different story*.
In terms of player quality, providing injuries don't get in the way, you're going to get a good player. Heck, even Melbourne and Carlton got good players from that number 1 pick, as much as both clubs pinned their hopes on it being more than.
*This also happened in 2010, seeing West Coast won the spoon, but didn't receive pick 1. They would go on to win a premiership within a decade.
For another fun coincidence, the four teams to have won a premiership after that decade mark of legitimately receiving pick 1 have done so without that pick 1 being a key factor in their side. Sydney moved on Gasper after two years, Fraser was overtaken by Jolly in the early part of 2010, Dogs had traded Cooney and Richmond Delideo. The football gods do not like most pick 1s on a team success front.
Where would West Coast be without Nic Nat? No flags since for sure