We've never played for $$$, just for pride and the MIGHTY LP3 trophy. I like that, and it's worked out great.
We've used these Yahoo league settings for years:
We do a regular draft, no snaking. I have no idea where the idea of a snake draft came into being for fantasy leagues. It seems silly. No professional leagues do a snake draft. A straight draft makes it tougher on a champion or playoff team to repeat, which is a good thing. Since we switched a few years back, the straight draft has worked out great.
As for the rest, we follow the Yahoo rules pretty much... except for a few weebles. It's mostly nitpick-y stuff related to trades and the playoffs and such. Here are the official (guffaw) aux rules for the league.
thanks... yow, bill