I think it a good rule that saves owners and management groups from themselves, much like the salary cap and luxury tax does. Without these rules in place, team owners may go out and absolutely destroy a franchise's future, much like Stepien did in Cleveland in the 1980's.
Those 70's Cavs teams sucked then Stepien traded away every first round pick from '81 to '85. They stayed awful and didn't start becoming decent again until those picks from '86 on started to hit.
I have no doubt without the Stepien rule a team like Charlotte in a small market with a team owner with an enormous ego would trade every pick away he could to get his team to a certain level. And eventually, it would kill his team. New Orleans is another good example.
I like the rule. No issues with it whatsoever.