It's all really about expectations. Olynyk is a very complimentary player. He can pass well for his position, and shoot well for his position, so you can use him in a variety of lineups. At the same time, he's not a guy who will ever be capable of being a go-to guy. His defense is adequate, but not game-changing.
People like to compare him to Ryan Anderson. I get that, but disagree. Anderson is a volume shooting big. Olynyk is not. I think Olynyk is more like if Harrison Barnes were a center, with maybe a little less defense (but, again, adequate defense). He's not a guy who will carry your team. He is a guy who makes most of your lineups better.
What's that worth? Well, Barnes obviously got the max, although many thought that was an overpay. Perhaps Barnes will become a volume-scorer -- I personally am unconvinced. But for how Olynyk fits on a team -- that's how I see him. Sort of a 4th-6th man, who can bring things to the table that you might want starting or might want with the bench, depending on your team. He'll seemingly vanish for large portions of the game, but when all is said and done he'll have decent counting stars and advanced stats will indicate he's a net positive when he's out on the court.