The COLA increase is 4% a year.
Theoretically you can beat the hell out of that, in practice very few people will beat 1/30th of $425 million + 4%. guaranteed, year in and year out. Remember, you lose roughly 57% to taxes and the reduced amount paid for selecting cash. Not to mention the fact that one must assume part of that 1/30th will end up being invested each year.
I can't speak to the bankruptcy problems of people who think several million dollars equals "unlimited" funds. No Powerball winner has taken the annuity for several years now.
Competent professional help will also eat into your returns. I think good arguments can be made for either situation and people should do what they feel most comfortable doing. If they are lucky enough to win in the first place. 
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