Heresy, I know.  Elbert is often listed as one of top 5 to 8 pitchers, while Morales is a sexy "sleeper" pick around #15.  They are both LHP who bring a lot of heat, but have high walk rates.
I recently saw Elbert's walk rate characterized as: "walk rate is high, but this will fall as he develops."   Morales, conversely, is usually something like 'Great arm and upside, but will have to solve command issues".

But really, their 2006 numbers don't show a terrible amount of difference:

Elbert 21 YO in A+/AA 146 IP 173K 85 BB combined
Mrles  20 YO in A+    154 IP 179K 89 BB

Given their respective ages / levels, the numbers are almost spookily similar.

So why so much more concern about Morales' projectability?  Coors field definitely does not account for it.