Two of the smartest smart guys in college basketball must have been reading the same thing, because the Phog Blog's own David Hess and the New York Times' Nate Silver both did pieces on seed and power rankings. Silver shows how, given that teams in the 6 to 13 range aren't that different, it may actually better to be seeded 15 than 8 in the tournament. This is how teams typically break down, given his normalized composite of power rankings over the last several years.
Hess shows that this year, there are backwards seedings. The four seeds, are on average, better than the two seeds; so are the threes! Kentucky, Wisconsin and Texas are all 4 seeds, and all dangerous ones. He suggests there will be upsets as a result.