It depends on what you call the old days. Monson took Rico Tucker over Ben Woodside in 2005. Heck, Ross Travis just graduated from Penn State. I think he was undervalued in retrospect and would have looked good in Maroon and Gold. Jordair Jett came out in 2010, and I don't think we offered him (correct me if I'm wrong). I do distinctly remember posters on this board playing up his shortcomings. But he ended up leading Saint Louis into the Sweet Sixteen. Quite honestly, I could go on and on.
Again, not a criticism of those decisions; just a general theme of local guys being undervalued - that you can find good players under rocks around here. In some ways, that we see local guys play in our home towns with all their warts might cause us to underrate them.
I think this happens in every state.