http://www.nytimes.com/2009/04/23/sports/ncaabasketball/23prospect.html?hp
He isn't even staying for his senior season. He will play two years in Europe and then come back. Sonny Vaccaro with the assist.
This was bound to happen. The whole infrastructure for sports is different in Europe. Talented soccer, hockey, and basketball players often "go pro" even if they are only 13 or 14 years old. You might remember that a few years ago Freddie Adu, the American (from Ghana) soccer player was offered a big contract form AC Milan and a Nike contract valued at $1m per year when he was 14 y.o. That is common in Europe.
Europe doesn't have an NCAA. High School students are seperated at an early age with those who are athletes going to special schools and those who are not going to college prep or vocational schools depending on aptitude. Tyler is right, the upside for the athlete is huge. There is no limits on practices or contact with the coach or team. You can spend 24/7 -365 days a year getting better. There is little academic pressure, although a 17 year old would be expected to complete his high school education. But the system is geared for that.
I think it is a good choice for him and probably a lot of other talented High School B-ball players. I think this is a trend and there isn't much the NCAA can do about it. We'll have to get used to it.