Most important thing is to DO YOUR HOMEWORK!
-Make sure you know your league rules and settings in and out. For example, if QBs get 6 points for TD passes, then it might be worth it to get one in the 3rd/4th round. Or if your league awards points per catch, then certain guys like Brian Westbrook and Joseph Addai should be bumped up and taken over non pass catching backs like Rudi Johnson.
-Have multiple cheat sheets and current rankings at your disposal and try to soak up as much FF info you can. Rankings, tiered rankings, current injury reports, who's impressing at training camp and preseason, try a few mock drafts, etc. etc. The more you know, the better.
-Encourage your league mates to get really drunk before and during the draft!
-It's not the worst idea to splurge for a top defense like Chicago, but absolutey, under any circumstances, DO NOT
draft a kicker until the last round or second last round.
And have fun.