Agreed, but I didn't draft Lester to get a 3.8 era/1.3 whip, either. It cuts both ways. And while the extra strikeouts are something that should (and do) help Lester's ranking, the strikeout rates aren't much different (a little, but not dramatic). Plus, extra innings aren't always a good thing, particularly when the ratios are bad -- if the replacement value for a pitcher is an era below 3.8, then having those extra innings of a 3.8 era actually hurts Lester's value.
I mean, Bedard's been a disappointment, but just his longevity, not his performance. I'm pretty happy I got those 80 innings out of him. He really has been fairly valuable so far.