Hockey's Future has it's Spring 2007 Organizational Rankings up and the Caps are #5.
Here's HF's assessment:
Strengths: Washington's strengths start back in the net where they have Semen Varlamov and Michael Neuvirth. Varlamov and Neuvirth seem to have the biggest upside as of now. Both are highly athletic goaltenders that move very fast and are capable of making key saves. On the defensive end Jeff Schultz and Patrick McNeill are providing solid but unspectacular depth. Up front, Nicklas Backstrom, who is one of the best prospects outside of the NHL right now, leads the troops. He doesn't need any further introduction, while his fellow prospects Eric Fehr, Tomas Fleischmann, Francois Bouchard still haven’t reached same status (but bring excellent offensive ability).
Weaknesses: The team could use some more depth on the left side, as the prospects behind Fleischmann aren’t really close to the NHL. The center position could also use another solid centerman, as the only two that look like future NHLers right now are Backstrom and Chris Bourque.
Top Five Prospects: Nicklas Backstrom (C), Eric Fehr (RW), Semen Varlamov (G), Francois Bouchard (RW), Tomas Fleischmann (LW)
Key Graduates: Mike Green (D)