Perreault was far from a clear consensus pick there. He had legitimate concerns in regard skating, perimeter play, and his ability to handle the physical part of the game, among others. He was also the third best player on a line with guys who had just gotten picked 4th and 8th overall, so there were questions about how much was him, and how much was him playing with two much better players.
I can understand the preference for Perreault there, but let's not re-write history here. Besides, he was still second or third fiddle to his teammates in college both years, and he hasn't actually made any impact in the NHL yet.