Yah, that is mighty generous indeed. OTOH, a draft w/ 350-400 prospects could probably use a bit of that generosity.
In a new 24-team dynasty league I joined a few months back, we're currently in the middle of round 5 out of 15 rounds of a slow draft. Our criteria is moderately generous at ~80 games for position players, 17 starts for SPs or 60 IPs for pitchers w/ some RP exp. However, we did FA auctions for players on MLB 25-man rosters (as of 8/31/05 deadline) prior to the draft, and quite a few good-to-top prospects were already gone before the draft, eg. Hermida, Duke, King Felix, Fielder, etc., so we already reached beyond most top 100 prospects lists before the end of the 4th round.
I'm just glad I managed to win quite a few good-to-top prospects along w/ some good young players that are no longer prospects during the auction phase, eg. Fielder, Hermida, Volquez, Utley, Huber, etc., and also pull a few deals to land some extra draft picks in the first 4 rounds, so I'm actually already done filling up my 40-man roster (w/ the max limit of 20 prospects) and have no need for the rest of my draft picks -- my next pick wouldn't come til the 9th round anyway after the various deals I made.
An interesting thing w/ our (salary/contract) league is that you're forced to spread out your prospects' ETA time a fair bit for maximum success. And this led me (and a few other owners) to make certain riskier picks (and also based on projected need) as a result, eg. I took Tulowitzki, Neil Walker and Maybin in that order in early-to-mid 2nd round -- and someone took Carlos Gonzalez immediately after I took Maybin while a bunch of catchers (including Salty, Mathis and Clement) went before I took Walker.
I did not pursue another OF bat until my final pick in the early 5th w/ Jose Tabata -- and FYI, Gio Gonzalez was still available at the time though I'm not too crazy about him being a Phillie. I went w/ 2 teenage OFs in the draft because I'm already pretty stacked w/ relatively young MLB-ready OFs: Burrell, Kearns, Bradley, Hermida (and Alou for 1 year). The 2 teenage OFs, if they pan out, should fill in nicely next to Hermida (whom I signed for 10 years) when they eventually arrive and replace Burrell/Kearns/Bradley for me.
Also, the league has a multi-tier salary cap system and I'm mid-cap, so I couldn't afford to compete w/ the big boys in auctions for most of the proven star players -- though I did manage to snag D-Train and Carpenter at very reasonable prices towards the end when many people were running out of $$$ (and anticipating a final round of auctions that included King Felix, Prior, Oz, Teix, Bay, Ortiz, Helton, Liriano, etc).
Anyway, here are the prospects I drafted in case you're wondering:
#15 overall - Verlander
#34 - Tulowitzki
#41 - Walker
#42 - Maybin
#56 - Pelfrey
#63 - Philip Hughes
#66 - Volstad
#79 - Marcus Sanders
#82 - Reid Brignac
#89 - Garrett Mock
#98 - Tabata
Other prospects I won in auction:
Anyway, need to prepare for another prospects draft in another (salary/contract) league w/ some of the same owners involved. This draft will be similar in size, but w/ far fewer top prospects because of the initial keepers rule that the league uses as well as the MLB draft that took place, eg. no Delmon, Hermida, Upton brothers, S Drew, Quentin, Marte, Verlander, Liriano, King Felix, Duke, etc. though strangely Wood and Kendrick were not kept even though Kotchman was, and Barton, Butler, Gordon, all(?) Dodgers prospects will be available also.
In that league, I took the DBacks so have J Upton and S Drew although I dealt Quentin and Conor away. Because of the reduced talent pool for the prospect draft (which only includes zero MLB exp prospects), I also drafted as many youngsters as I could in the MLB draft (and signed/dealt for others like Marte) and dealt myself out of the 1st round of the prospect draft though I have 5 picks between 2nd and 3rd rounds and probably only need another pick or two after that to fill up my 40-man (again w/ max limit of 20 prospects). If I don't make any more deals, I'll need to wait til the 6th or 7th round to round out my prospects -- and hope I can get a nice steal or two there.
Just another amateur learning to paint w/ "the light of the world".