I do think the last 48 hours is a mountain out of a molehill. I know there are plenty of national media running to the soap boxes thinking the whole draft flipped upside down on its head, but calmer heads should be prevailing.
The doctor who checked Giolito out, Neal Elattrache M.D., is well respected in the baseball community. There are plenty of major league players that will use this doctor as their first outside source for examination and MRI reviews.
The damage is deemed "minimum" and there will be about two months of intensive rehabilitation. He showed little to no swelling at any stage which means he can start the ground running through rehabilitation almost immediately. There is a very good chance that his ligaments and tendons will become stronger to the point his muscles and tendons do not override the load bone to bone.
There is no doubt in my mind this issue is not long term knowing everything I know. This is not something mechanical driven where it may rear its ugly head in the future.
His best case shows him pitching in early to middle of May, given him plenty of wiggle room to work off his time table.
I honestly still place him as one of the best long term prospect out of the 2012 high school class. This may or may not change the plans of teams in this upcoming draft, but the long term ramifications should not hamper the ceiling the young man has in his right arm.