If it's a non-money league then autodrafting might make things interesting for an owner. All prejudices are gone against players and you get some people that, on the surface, frighten you, but they may end up having a great year.
I'm sure Vick wasn't on anyone's early radar this year, but an autodraft might have picked him and given someone an interesting player. Also, autopicking staves off some of the hype that one can get too caught up in during a live draft. Let someone else draft some overrated players, who may or may not turn into duds... autodrafting sometimes avoids all that.
Then again, autodrafting gives you Curtis Martin in the 8th round, so yeah, pre-ranking at least a little bit is a good idea if you can't make the draft.