To be honest I don't really like Collison. There doesn't seem to be anything in his game that jumps out at me, like a skill he's really good at. He seems like a solid overall player but I like his teammate Russel Westbrook more. I mean Augustin is a great offensive player in general(shooting/passing/handling) and Lawson has his speed and athleticism. Those are skills they are might be the best in at their positions in the NCAA. Lawson could be the quickest/most athletic PG and Augustin might be the most offensively skilled. Collison? He's not the best at anything IMO. I've seen plenty of his games and I'm not impressed really.
His teammate Westbrook is amazing though. He's not even their main ball handler and he gets close to 5 assists, he's got great athleticism and length, nice passer, great defender, I really like his game.
I like Westbrook too, but even though he's a good passer I don't really see him as a point guard, more like a slashing 2. He's more in the Dwyane Wade/Brandon Roy mold, although not nearly there yet, obviously. And while I like them both, I think Collison is a better fit for the Kings, assuming Kevin Martin is the future at the 2.
Here's why I like Collison more than Lawson and Augustin -- you're totally right, he's not flashy. He plays within the offense, he gets the ball down into the post, he makes his teammates better. That's my main complaint about Augustin and Lawson -- sure, they're gifted offensively, at least in terms of slashing, and they get their assists, but do they really make the players around them better? I don't see it in quite the way I see it with Collison.
Meanwhile, Collison can still take over games. You saw it last night -- Love went to the bench, UCLA needed a lift, Collison simply took over the game with his shooting and driving. He has a killer outside shot (almost 50% from three!), and he's good in the lane. He's got the whole package, he's just a team player and so you don't see him take over games as often.
And I like how his game translates to the NBA better than Lawson and Augustin. He's a better outside shooter than they are, meaning he'll probably adapt to the NBA three better. He'll run your offense and be a true point. The skill he's really good at that he can always fall back on is that he's a better defender than both of them combined. Worst case in the NBA he's a more-athletic Earl Watson. In the best case I really think he could be just a notch below Paul and Deron Williams -- and at #12 I think that's pretty solid.