ive been auction drafting once a year for the last 7 years or so.
The league's core has been the same all along, and the other owners are friends/co-workers of someone...so we all get along ok.
It really just becomes another night (day) out with the guys. (although my league actually had a real live girl in it for many years) This even happened the one time I was in a football league with mostly strangers.
It basically consists of a lot of people making really obscure baseball/sports references...which devoles into a simple one-upsmanship contest of more obscure names "odibe mcdowell... garth iorg" some other sports anecdotes either heard/read or experienced (my league has a few guys who work for abc sports and one who works for the nba.) and trash-talk about the players being drafted and their owners (my specialty)
Most of us LOVE our drafts. I know its one of my favorite days of the year. The only people whe DON'T have a good time are those who sit and look at their watches and keep calling their wives/girlfriends.
But as long as everyone knows its going to take all day and has no illusions of getting home by 3pm, you should be fine.
"Baseball is like church. Many attend. Few understand." -- Leo Durocher