I would not draft another first rounder until the league adopts a rookie pay scale, which appears to be on the table for the new CBA. Until then, I would trade my number ones for future number ones or for multiple lower draft picks. New England does a superb job of accumulating draft picks each year it seems. It doesn't make sense to guarantee guys millions right off the bat who very well may end up busts.
That sounds good in theory but you need a dance partner.
Also, 9 of the last 10 years the Patriots have selected a 1st round pick.
What they do do exceptionally well is trade a sucker team like the Raiders Richard Seymour for a #1 pick.
Another example of a sucker team would be the Panthers giving up a 2nd to draft Armanto Edwards in the 3rd round.