Okay, here is one philosophy used by Fantasy drafters in the first couple of rounds: grab all of the best runningbacks first. The theory behind this is there are so few great RBs(at least 1,000 yards rushing), that you can still get a quality QB or WR in the second round, but all the quality RBs will be gone by then. Do you guys agree with this? I definately do. After AP, LT, LJ, Brian Westbrook, and a couple others, there is a huge dropoff is 2nd round RB availability. There are at best 12 good RBs worth a top pick. Depending on how big your league is, they will certainly all be gone by round 2.
A common draft day mistake is to tie your team to an early pick on a player coming off and injury who is supposedly "healthy" now. The reason for this is his price/market value is low due to a less than stellar previous year so you grab him early as your "sleeper". This year's player who fits this description to a "T" is Ronnie Brown, RB, Dolphins. Beware of thinking too highly of this guy in the first couple rounds.
Finally, here is one other tip to use during the season: if your backup QB is doing well in October, trade him to guys in your league who's starter is underperforming. Its call buy low and sell high. Its the manta in the stock market and it should be the mantra in Fantasy Football as well.
P.S. Dont draft Shaun Alexander, people.