For those of you who are familiar with the idea but somewhat skeptical of its legitimacy, you're going to want to check out the work Dave's been doing over at Fangraphs:
I don't want to spoil anything, since there are still some more entries left in the series, but these players are real, and - surprise! - they're worth right around two wins below average. Which is where the WAR equation puts them.
Solid stuff. Whenever you raise the replacement level idea around someone new to the subject, that person always asks for examples. This has the makings of an excellent list.