CB Draft. Pick 2 is more laid back, but CB Draft is more rewarding when you do something well.
CB Draft is a legitimate team-building exercise (not team as in us as a community either, team as in you build an actual team) with peer-review and concrete winners. (I don't think there are however concrete losers...more like 'non-winners'. Everyone but mgent is a non-winner.)
I'm a competitive guy, and I find it more rewarding, and it ultimately helped me find my voice here on Celticsblog.
And it really helps your basketball knowledge, and you confidence in your own basketball knowledge. Want proof? Look at Bahku flashing his teeth a little defending his team in the 'Hows my pick-2' thread. His first draft was Nick's historic draft, then the pick-2, then the real deal. By the time he was done with the CB Draft I think he was much more assertive in expressing his views and tempering his portrayal of his team, and knew what he was talking about.
Not to call him out or anything, just a guy we're all familiar with. Pick-2 is more fun, but the CB Draft is a more rewarding experience.
Gotta agree with IP here, (and thanks for pointing this out), that when all was said and done, the CB Draft was by far more rewarding. (It would be even
more so if I had the time to be as involved in the daily back-and-forth as many here are, but schedlues just don't always allow for that ... and thanks for understanding that, folks).
I learned more on a personal level, became a bit more assertive and confident about my abilities and knowledge, (especially with young talent and rookies), and learned some valuable lessons about how these things are conducted, and how to balance the technical with just being satisfied with what is done on an individual level.
I still put the Historical first in terms of pure fun and
enjoyment, (then P2), but reiterating IP and this example, the CB draft, while much more serious, is ultimately more rewarding on a number of levels, and taught me especially, that how people feel about my team was not a reflection on me personally, (usually

).
Everyone sees things differently, and assesses players and teams on their own levels and with their own tools and from their own perspectives, and that's really what makes these sports blogs go round. I guess what I'm saying is that those differences and alternate perspectives should be embraced, just as we embrace our own individualities.
If you learn to come at it from that direction, these things can be a lot of fun, great learning experiences about the game we all love, and a process that's not only rewarding, but a way of realizing that we can all have something of value to add, and that there's not a soul who knows
everything about this game of roundball that we share our addiction of.
(Just love to dangle a preposition whenever I get the chance

).