The problem with this pick was, and always will be, the fact that they decided to go with the project/risk-reward pick in a draft that was known AT THE TIME to be excellent. Of course no one knew just how good it would end up being, but that doesn't justify the willingness to go off the board there.
The reason why people have such a hard time letting go of that year is because that draft has had such a significant impact on the league. A bunch of teams were able to add absolute STAR players with non-premium picks and that set them up very nicely moving forward. The Rangers have been playing catch-up ever since, and it's because they thought they were smarter than everyone else.
http://nhl.speedera.net/futures/cssrankings/2003final/final_naskaters.pdf
I mean, they had Jessiman ranked #20 amongst NA skaters, which is pretty good, and ahead of guys like Carter/Richards/Perry/Backes at forward, but how you make that pick with Brown/Getzlaf/Parise still on the board (consensus top 10, hell, top 5 picks) was/is beyond me, especially when you consider the drafting philosophy that emerged just one year later when Callahan/Dubinsky were picked. I know these conversations are usually tainted by hindsight, but this one really isn't, and I for one wish I could let this go but also think it's OK that I haven't.