Despite having the worst record in the NBA and the best chance to get the #1 pick, the Blazers managed to get the lowest pick the team could possible get, the 4th pick. (I think that is the lowest the team with a worst record can get.) However, this may not be as bad as it seems because of the lack of a clear cut superstar in the draft. (Blazers Edge seems to agree with this sentiment.) Now I don't want any teams to tank its season but maybe the Blazers could get some new talent and trade the bad apples (Miles and Randolph) and have a shot at Greg Oden next year.
As far as what the Blazers should do with the pick, it all depends on whether the team can work some trades for Miles and Randolph and what the team gets in return. If Portland stays pat and makes no significant changes, the biggest need is outside shooting. This has been its most desperate need for several years and if the Blazers can get a shooter, it would take some pressure off the inside game. Martell Webster looked good at times this season but it remains to be seen whether he can be a complete player on defense and know what to do on offense. So, a shooting guard is a possibility and I think Brandon Roy would be the best option there (as I said previously) because he can slash, play defense, and has developed a consistent outside shot in the last year. Another possibility is Adam Morrison at SF, but the team has a surplus at that position with Miles, Outlaw, and Khryapa. The guy can't play defense but he can shoot. Both of those players have been projected around the 4 spot so it should work. One thing the team doesn't need is another young point guard.