2004 Magic - Dwight
2005 Bucks - Bogut
2006 Toronto - Bargnani
2007 Portland - Oden
2008 Bulls - Rose
2009 Clippers - Griffin
2010 Wizards - Wall
2011 Cleveland - Irving
2012 New Orleans - Anthony Davis
2013 Cleveland - Anthony Bennett
It's frustrating to see Cleveland get another #1 pick, but outside of them, if you look at the last 10 years, most of these franchises got better after getting the #1 pick.
Since their #1 Pick:Magic went to the finals with Dwight, multiple playoff appearances
Bucks - Playoffs 2 times
Toronto - Playoffs 3 times
Bulls - Playoffs every year since
Clippers - Playoffs 3 times
Wizards - Playoffs 1 times
Portland multiple playoff runs (although no thanks to Oden)
For the most part they all got better thanks in part to the draft. So it's hard to argue that the current system doesn't work at all. Just not in Cleveland or New Orleans lol