Dion is having a terrific start to the season, but the talk of him being a first round pick is premature. First, he is undersized for an NBA 2 and he really hasn't shown point guard skills; he is at best a combo guard.
He has become an electric off-the-bench scorer for the Orange, but his skill set does not scream NBA. His 3 pt percentage is middling at the NCAA range, and his shot mechanics are poor; doesn't bode well for deep shooting success at the deeper range and better defenders he'll face at the next level. Also, although he is the best among the current Orange guards, he doesn't draw a lot of fouls. The three point line and the free throw line are the most efficient ways to score in the NBA, but they are possibly the weakest parts of Dion's game.
On the defensive end, he is an unknown commodity. His ability to recognize the passing and driving lanes in the zone and utilize them for steals and breakouts doesn't translate to the pros, where almost every team will play exclusively man to man defense. Syracuse players have a terrible reputation for defense at the next level. Even Jonny Flynn, who made a big deal about his pride in defense and for two years begged JB to play more man to maximize his skills, is considered one of the five worst defenders in the NBA. he's a combo guard and wont fare well at the next level, sometimes college performance isn't enough for the NBA. MCW is 2-3 years could be an NBA first rounder at PG
An aging team like the Lakers in desperate need of athleticism in the backcourt might take Waiters in the 2nd round, but he doesn't look like a first rounder to me, not at this point.