I like to draft relatively early.
Preseason trades are pretty cool, but I also like to leave room for picks to get traded and rumors to swirl over who will be the number one pick.
Also, since I really only do one league that I care about, I like to have more time to get attached to my players. And in that league (run through Yahoo), I'm running a separate site for fake league news. I'm using photoshop to change players hats and colors based on the teams they are on for use in the stories.
This was my first attempt at it... I'm sure I'll get better as time progresses.
Obviously playing for the Witty Comments!