It seems as though there is a stigma associated with being franchised. However, it generally guarantees a player a very good guaranteed salary that may provide better compensation than a long term deal.
Franklin, for example, is getting $7M guaranteed for ONE year's work. By contrast, Hampton just signed a 3 year, $21M deal with $11M guaranteed. Wouldn't 3 successive $7M deals be better than a 3 year deal that maxes out at $21M?