I think much of the Frenchy hype has died down since his days at "The Natural" on the cover of SI. Most of the rankings and ADPs I've seen are pretty consistent with where he should be, IMO... somewhere around the third tier of OFs, anywhere from the 7th to the 10th round. Most folks know what they're gonna get with Francoeur from a fantasy standpoint, and if he does bump up his numbers either due to experience or newfound muscles, it's a nice bonus.
His value as a "real" player, I think, will always be a step up from his fantasy value because of his defense, laser throwing arm, decent speed for a corner OFer, consistently positive attitude, and work ethic. I just like the guy, and hope he does take it to the next level.