VBD is a sound concept, but in practice it's only as good as the projections you use to calculate it (and the baselines you set). I believe that the "Joe's Secret Formula" VBD baseline just takes the last player at each position projected to go in the first 8 rounds (or first 10 rounds, I forget how many rounds exactly), and sets that player as the "baseline". If 6 QBs are projected to go in the first 8 rounds (or however many rounds), then QB6 becomes the baseline. Obviously that method of determining the baseline assumes that leagues adhere roughly to ADP. In leagues that get absolutely QB-crazy, for instance, that particular baseline isn't going to do you much good.Also, a projection is just a static number and doesn't give any indication as to how likely a player is to perform somewhere around that projection. For instance, I'd say the odds of Antonio Gates performing in the neighborhood of his projection are very, very high because Gates is a known quantity and because TE production tends to be very stable and predictable. The odds of the NYJets defense performing in the neighborhood of their projection are very, very low because defenses are the most unpredictable fantasy "player" from year to year (in large part because they're the "player" most impacted by strength of schedule). As a result, VBD tends to overrate the New York Jets because it spits out a (very, very high) raw VBD number while not adding the caveat that the Jets defense is extremely unlikely to actually finish right around that number. At the same time, it tends to underrate players like elite TEs because it doesn't give a bonus based on the fact that they're a near-lock to live up to their projection (for instance, Gates has finished in the top 40 in season-ending VBD for 6 straight years, and has finished in the top 20 in 5 of those 6 years, despite routinely having an ADP in the 40s or higher).In my mind, in order to justify a high draft pick, a player needs three elements working in his favor.Element #1- He must be valuable. This one goes without saying. There's no sense on drafting a player in the 1st round if he's not going to outproduce his peers. VBD is the perfect tool for capturing player value.Element #2- He must be predictable. This is why the Jets should never be drafted in the 1st, even if your league has the most defensive-heavy scoring you've ever seen. There's simply a much lower probability that they live up to their preseason expectations than there is with an Aaron Rodgers, Maurice Jones-Drew, or Andre Johnson. Don't spend a premium pick on a crapshoot position.Element #3- He must be difficult to replace. This one requires knowledge of your league. If Peyton Manning has the top VBD value in your league... but you know your leaguemates are RB-RB proponents and that Tony Romo will likely still be available in the 6th, then you shouldn't draft Peyton Manning in the first because you can get nearly identical production at a fraction of the cost. In the Draft Dominator, the tool tries to estimate this for you by anticipating the dropoff at each position and making its recommendations in the "Best Value Pick" window... but at the end of the day, there's no substitute for actual experience, here.Now, if a player can meet all three criteria, then you should absolutely spend a high draft pick on him. If Peyton Manning is projected to have a huge VBD, and you anticipate your league going extremely QB-heavy early (resulting in a steep dropoff in QB quality), then take Peyton Manning in the first without hesitating. If Peyton has a strong VBD advantage over CJ3 and you expect your leaguemates to draft 8 QBs in the first two rounds, then go ahead and draft him #1 overall. If you feel he doesn't meet criteria #1 or criteria #3, then stick with a stud RB at the top of the round.