If you aren't a lock to stay eligible, and your family is in terrible circumstances, then it makes the decision easier. Donte Greene wasn't ready when he went, and he has managed to stick around. I think Waiters is more ready than Donte Greene, because he won't be expected to rebound and defend such big guys as Greene. I think Waiters' driving ability will make him a scorer on nearly any team's second unit in the NBA. Waiters does appear to play pretty good defense, which is always a knock on SU guys, but I think that applies to the forwards and centers more than the guards.
Yes, he could work on his 3 point shot, and maybe play himself into the lottery next year. Or he might have an average year being the focal point of the offense, and plateau a bit, like Kris Joseph, or even Jared Sullinger, have done. Harrison Barnes is another. I think Dion is hot right now, has gotten a ton of media, and I think he makes the middle of the first round. What's the likelihood, statistically speaking, that we improve on a 1 loss regular season if he were to come back ?
This draft doesn't look that outstanding to me. I don't see him falling to the second round. I see him as being a better prospect than a couple guards listed ahead of him on some mock drafts. I'd say he goes somewhere in the 15-20 range.