Most of my friends are in draft leagues. A. Auctions do take a lot longer, but nonetheless they are the preference of a lot of owners and leagues. For one reason, they are more fair. Using the auction format, every owner has a chance to grab any player in the draft. Meanwhile, those who draw poor position in a draft never get a shot at the upper-echelon talent.
Auctions also require more strategy than a basic draft.
You not only have to be surveying your team's needs constantly, but also your financial situation, not to mention the needs and finances of the other owners. The auction is a constantly-changing marketplace, and those owners who can finger the pulse of that marketplace will be richly rewarded. A draft is like playing Go Fish. So let's say I get into a fledgling auction league. A. Not so fast.