My only real experience with it is with one team. I chose the team that had the 2nd pick in the draft (not with that particular purpose). I've never been in a draft with a higher pick than 20th. In all other drafts, I've had many guys much better than the guy I got at #2 and there were at least 4 guys picked below me that I didn't see that I would have picked. It happened to also be by far the worst draft class at the top that I've seen so far. I think that even though it can still be somewhat random, it absolutely favors returning guys. I know now that if I happen to be picking in the top 10 and there are a couple of new owners at the top that I have a better chance of getting who I want if I have an inherent scouting budget advantage.
In the example I cite, if I were to have been able to work from the previous owner's budget, there would have been $11M more on scouting than what I had. When the guy picking at #3 has two newbies in front of him, he has a distinct advantage. That's what I consider the 'raw deal'.
BTW, as I posted in the improvement thread, the same sort of injustice is possible to exist at the high payroll extreme...