So did an auction draft last night with about 7 other experienced players and a couple bots and I must say it was a lot of fun. Ton more strategy involved with a lot of variation. Some people spent tons of money up front to get studs then had to settle for crap on the backend while others saved money and got a ton of value for players like Ahmad Bradshaw for only a buck or two. Plus you got to drive up the prices on some players that you never really wanted, just needed to keep your fingers crossed that you didn't get stuck.
You definately need to know a bit more about the players though, otherwise once you got past the obvious names you'd likely get lost on what to do. Also, you really need to attend the draft because the bots outright suck. I ended up spending 70 bucks on Adrian Peterson which was a bit high, but got great deals on Shonn Green, Steve Smith, and the Chargers rookie RB.