Well as of right now he hasn't shown great IQ, that's definitely the area he lacks because he has the ball handling, passing, and athleticism. From what I've seen, he doesn't facilitate well in the half court (appears to only be comfortable when he's playing at full throttle), needs to improve his decision making, his shot selection is poor, needs to develop a jump shot (his mechanics will probalby limit him from ever being a great shooter), and he drastically needs to add strength. There are things he can improve on, but there are degrees of improvements that are unrealistic, especially at the PG position. He's not like Arenas, and he's like Parker with his mix of scoring/passing and his speed/quickness with the ball, they don't exactly play the same style game.
Good insight. I would still advocate drafting him very early, because he at least has superstar potential and real basketball skills, even if he has a long way to go in terms of actually playing smart ball.