I agree that they are a little overhyped, but like you said, I can't see any reason they shouldn't occupy the number 1 spot in both polls. They fit the mold of the Kentucky teams that we have seen and will see as long as Calipari is there; lots of NBA talent that will have to play together to win anything significant.
I'll be more intimidated later in the year if all this talent gels and is able to put together cohesive efforts. Until Cal is able to take one home, I'll continue to assume the 19-year olds will crumble in tournament time, being too busy counting the dollars they're guaranteed in the upcoming draft.
(That said, they're about the last team I want to see in the NCAAs this year)