It's not a matter of "fooling" hitters, his pitches simply travel a shorter distance, providing a hitter less time to react, which is equivalent to throwing a couple MPH faster.
That alone doesn't make him a good pitcher, but it means his 92-93 FB is equivalent to a 94-95 FB from most pitchers. He's learning to throw the 2 seamer low and the 4 seamer up and in on RHs, and it's effective.
His slider, curve and changeup are below average right now and need to improve, and his command could be better.
But if you're talking 5th starter, Falter is probably there right now.
We've seen too many "6th starters" in that role, 5.00+ ERA guys who you just hope can get to 5 IP.
If you're talking 3rd starter, he has a way to go.
Only 99 SPs have thrown 100+ innings so far this season, 80 under 4.50 ERA, 9 of them between 4.50 and 5.00, 10 are 5.00+.
Last season, 115 SPs threw 100+ innings, 76 were under 4.50, 19 between 4.50 and 5.00, 20 were 5.00+.
So any pitcher who can throw 100+ IPs (20 or so starts or more), with an ERA under 5.00, has real value.
Because on average, there are only 3 of these guys per team.