-Draft a SF or big first.
-Make sure you understand the scoring system for your league. A lot of leagues don't do FG/FT percentage. That is a big deal.
-Don't get enamored with stats like blocks, steals, and threes. They are great, yes....but not consistent. Don't base entirely on points and rebounds but always remember that those are the most consistent stats. So, for example, if I am looking at two guys with similar fantasy point expectations, I take the guy that gets more points and boards.
-Speaking of projections, don't rely on them too much. Look at 2010-11 stats too. I consider those to be more important than 2011 projections. When you do that, though, remember to change back from the 2010-11 stats to projections....or else you'll end up making mistakes like DJ Augustin (Bangs head against wall)