True, but being a top NCAA player most definitely does qualify as top prospect. He would have got a contract from every team in the league if he wasn't drafted.
Again though, top NCAA player by what criterias? Simply point production?
Someone brought up Corey Locke, great comparison. Charles Hudon produced a lot in junior and AHL, was he a top NHL prospect? Matheson produces a lot of points as a dman, is he a top NHLer?
Stats don't tell the whole story. Most people here, myself include, don't watch tons of junior/college games, and we don't know much about these guys.
As far as I'm concerned, Farrell never had what it takes in terms of physical ability to be considered a top NHL prospect. Weak, slow, weak shot. He is extremely smart, though, which allowed him to make it in college against similar-level players.
He can probably make a nice career for himself in Europe, but I doubt many NHL teams would trade for him right now. Except if they need AHL help.