I'm a big fan of the work the HP team does and I buy their Black Book every year, but there's no question their early and mid-season rankings often end up looking pretty silly in retrospect, as they try to identify gems early, some of which end up being correct and others not so much.
Having said this, obviously what matters is what the final ranking ends up being after the season is over, which is why I don't tend to put too much stock into their early rankings besides just seeing which players may be on the rise and which may be falling.