The MLB-sponsored leagues have a long ways to go. Just take a look at the Appy League list of names thus far; clearly not the most competitive summer league this year! Most kids had already signed elsewhere by the time the league was formed.
I think this new model will work quite well going forward. It (Draft League) keeps the majority of players who didn't sign as juniors out of Cape Cod the following season, thus opening it up for more underclassmen. Appy should provide a competitive home for freshmen (not this year) so they don't clutter up CCBL.
Only time will tell.