Exactly, it's a live draft in random order, so that players get split up amongst all the teams. I'd recommend doing a couple of mock drafts just to see how the system works, and use the player ranker to set your own preferred draft order, that way you can set yourself up to get the players you think will do well for you (or the ones you just happen to like), and sneak up on people in the draft. For example- The good Forwards (i.e. Crosby, Ovechkin, etc...) usually go really really quickly, but if you can get away with waiting to draft some of yours, you can grab some great players in the other positions and fill out the rest of your roster later.
You can also pick up players in trades and on waivers later in the season, so it allows for injuries, slumps, etc... beyond injured reserve slots and bench slots.
Also, the League Comissioner (Bob Lee) can set which stats are tracked, to make certain position more or less valuable- as he said above, Defencemen are worth more here than in some leagues (which got me some funny looks in my mock drafts).
