If you are a low prestige school it's much easier to get guys with zero or one star to consider you. If you are D- you may still have to wait on them. If you are D or D+ chances are guys will consider you if nobody else is going after them as well in which case you will battle it out depending on comparable money and prestige. And that's from the beginning.
As said above, stars don't mean much and neither does ranking it seems. However more stars/higher ranking players seem to be "brighter" in terms of OFF/DEF fundamentals on average over guys who aren't ranked or have less stars. Not all 4 star guys are smart from the start and not all zero stars guys are dumb in terms of knowing Off/Def but this just seems I get many more "knows the Motion so well it's like having another coach on the floor" for guys with three stars and above than below.
That said, you will see a lot of guys who turn out to be better players after a year or two who had 1 star out of HS than guys who had may have had 3 or even 4. All depends on how much they can/will grow. Agree about WE above.