It's not so much as where he's being projected as much as how he's being talked about tier-wise. Most NBA personnel have come to a consensus about the top five talents in the draft—Davis, Beal, MKG, Robinson, Barnes—however, Waiters should be considered right there with them. It should be a top six.
He's an extremely quick and explosive guard that can really get to the rim and score. Some have called him a poor man's Dwayne Wade. That's pretty high praise, but his electrifying skill set is definitely intriguing.
His two-year career at Syracuse was up and down, and while he clashed with coach Jim Boeheim quite a bit during the course of his freshman year, he matured significantly last season.
Although he was only a sixth man for the Orange, he was probably the team's best scorer and perimeter defender. Waiters can get to the basket at will, and is developing a pretty solid jump shot as well. He's extremely strong for his size and can overpower other guards.
Essentially, Waiters is everything you could want in a scorer.
Not only is Waiters an elite scoring guard off the ball, but he's such a good ball handler he could play a little point guard if necessary. He's excellent offensively and defensively, he's lighting quick, and he has great isolation moves. It's hard to see how Waiters misses in the NBA.
Waiters' draft range is completely up in the air. Odds are he received a promise a few weeks ago as he shut down all workouts, but no one knows for sure who made it. This has made his value extremely hard to gauge. He'll probably go somewhere in the second half of the lottery. He should be drafted at either sixth or seventh overall based on talent.