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I don't have any real early round strategy except for a best player available type approach. For me, that means getting impact bats. Obviously if there is one in a scarce position I will grab them, but I have no qualms about drafting a first basemen early if he has MVP potential. Other people are drafting the fictional equivalents of Derek Jeter, but I'm more than content to pick up an Albert Pujols, Miguel Cabrera, or Adrian Gonzalez and watch them anchor my lineup. It's also imperative to get good starting pitching early, but I never reach for guys that aren't going to be impact starters either. If all the true aces are gone, I can't compensate by overdrafting.
In the later rounds, I just take a moneyball-like approach and find the guys who aren't being value but have much more valuable roles on the roster. This includes 31-year old outfielders, or maybe even an infielder who can only hit homers. You can find a use for those guys. Especially good to stockpile are back end of the rotation starters. These guys aren't impact guys by themselves, but if you have 8-9 of them for 5 spots, your depth is going to win you games. Also, some have trade value higher than initial draft value.
While my overall strategy is always based on prospects, I find it's better to start off with a roster that has talent that can be dealt than to overdraft players just because they are young.
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