kab21, thanks for the comments. You are bang on when you talk about researching deeper, it is the teams that find players in the later rounds that are successful. It really plays a part in the draft strategy, I think, because the importance of at bats takes a huge jump forward. In fact, virtually every year the team that wins the league is the team that has the most, or close to the most, ABs and IPs. Some may point to this as being about luck, but I argue that it takes skill to find, for example, a 2B that is going to get lots of PT when more than 20 other 2B have been taken.
Check out the rules to my unique 4X2 27 team league