I've played in that points format for 3 years. According to Sportsline, it has overtaken roto as the most popular format on their site.
1) Draft offense and offense. Offense is the driving force to winning in this format. Especially power bats.
2) Get closers. Like in roto, where it's practically suicide to punt saves, it's just as bad if not worse in this format. Closers will get more points overall than most pitchers but there are weeks when they may get you nada.
3) When it comes to pitching, downplay ERA and WHIP. Go for pitchers who will get you wins or saves, high total of K's or both (Mr. Joe Borowski with his 5.07 ERA and 1.43 WHIP was the #5 closer