i will say that if you catch a superstar pitcher in a career year, you can sail in pitching. some of pedro's years can carry you almost singlehandedly (i know it can be an exagerration ...) schmidt did his damge alst year (and this year) and it can be good anchoring the staff.
But I like to think of it this way...
At worst, a hitter can only go ofer ... ofer what 5 or 6 max basically?
And that can happen day to day when you can make some corrections.
A pitcher however, the sky is kinda the limit. if he get shelled, it can get ugly, there is no limit.
While this seems counterintuitive for the moment, bear with me.
I would much rather go with five decent to good starting pitchers, like preseason, a bunch of penny's, zito's morris' etc (obviosuly they aren't the greatest examples right now, but you catch my drift) than trying to go two studs, an ok and some back end guys.
I think it is much easier to assemble a staff of five or so c plus to solid/high b guys than it is to do the same on hitting (if you draft pitchers).
I would also add that it is easier to trade for pitching than hitting. pitching has much more vairance year to year than hitting, and a smaller sample size. so if a good pitcher gets creamed a couple of times, you can get him cheaper than you would for a hitter slumping at relatively the same stage.
My "aces" this year were maddux and sabthia out of the draft.
I traded for schilling preseason by giving up cabrera and izzy (steals and saves cloud people's judgment), then traded maggs after he came back from the dl for mulder (i also gave up nate robertson), and then schnookered someone on steals by giving up gathright and sabathia for zambrano after he lost his cool and got shelled.
combine that with the combined effect of sheilds, linebrink and torres (do the math and you will be amazed, a total franken starter) and a pick up of benson, and I am poised to roll.
I just think that all else being equal, people would rather have their batting stud than the equivalent pitching stud.
Say someone had a choice between manny, or his pitching counterpart so far this season ... IMO those comparable absed on performance are mulder, sheets, schilling, santana, clemens and on the outside, oswalt and clement.
Of course, different leagues have different values, but my point is for the most part I would rather work the wire, "buy low", and draft sleepers for sp than go all out for that stud.
I am at the point of almsot thinking, draft the sure closer and your hitters, then work it hard for pitching in the FA and trade market (after taking your sleepers) of course that has its drawbacks. too though.