We discuss this periodically. I've included the table below in case anyone hasn't seen it in a while.
Based on the odds, the average pick location for the #1 seed is 3.7 and you have pretty much an equal chance of picking 5th as 1st-4th combined. The first seed has a better chance of picking 4th or 5th than 1st-3rd. The first 4 spots are all pretty much identical in estimated pick location (picking 4th, rounded).
It just gets slightly progressively worse as you progress through the seedings.
Obviously, the only real benefit in the lower seeds is the cap on how far you can drop.
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