Definitely spoken for as someone who's banked on Carlos Zambrano one too many times.
I'll somewhat agree with Zambrano. He's slipping in drafts where his upside would naturally dictate a 4th round pick. Naturally, his line declined and hence the dropoff in his '08 ADP, but I think with good reason; his peripherals could be a mixed bag. His walk rate combined with the lag that comes with pitching 200 IP each year over a string of a few seasons is worrisome. I don't think I want to bank my rotation on a guy who had such a bi-polar season as he did in '07, but you're right, he's worth a 7th-8th round pick for that it's worth.
I like the fact that Kazmir is underrated in some of the drafts I've seen. A few months ago, I would've said he's top 50 material and a top 8 pitcher. Control has usually been an issue, but I think the rise in WHIP in '07 had more to do with the Rays tweaking his mechanics a bit too much before he assumed the dominant form that made him a breakout in '06. I have to wonder about his durability a la Erik Bedard too.
I'll agree on Halladay as well to the extent that I see him more as a high mid-draft pitcher. However, I wouldn't downgrade him entirely even if his approach has shifted to put the balls in play (namely groundouts) and rely on his defense to produce the out and hence, the buzzkill in K's. Halladay's approach still sees him consistently going into games 6 or 7 innings deep, putting him in line for landing a win. Halladay's ERA is still quite adequate, but as with Oswalt, I'm worried a bit about his hit rate and if his WHIP takes a hit, his value really does depreciate some.
As for Bedard, I'd draft him most for the all around upside. I think it's safe to say most pitchers not named Johan Santana go into seasons with durability concerns (probably less for Brandon Webb) and I think his other draft counterparts, Sabathia and Beckett are heading into '08 with similar concerns as well. Bedard posted a near 1 1/2 seasons of great production. Sure, '07 was the first season where he logged in as many innings as he had, but '06 he was relatively unscathed compared to his previous seasons of work. A move to the AL West and Safeco should mark improvement in his ratios and a regression in his K rate perhaps, but good enough to hold its own. Given what you said, I'd still like to draft offense where Bedard is being drafted (3rd round, 4th round latest).