1. Young was a good pick right off the bat--he's very low-risk and getting a good HR/SB bat makes building a team much easier.  I think Butler would have been a fine choice here as well, as I think he's going to score so high in the other four categories that you can get your SBs somewhere else.
2. Pick #2 was the one I disagree with most.  Gallardo really isn't THAT much behind Hughes and Bailey (if at all), and yet was taken a full round and a half later.  I would value him above Braun since 3B is a VERY deep position in fantasy right now.  As you said though, you thought you could get pitching later, so that's more a difference in draft philosophy.  I just think Gallardo was a top-10 pick that was stolen at #22. and shouldn't have been passed up.
3. Kershaw's a great upside pick here, who would have gone much higher in a year.  Also, the next pitchers taken were Veal and Lofgren.  Biiig drop.
4. Decent pick in Rasmus.  I like him as well and think he's very underrated.  That said, I can't help but feel there's a chance he would've been there for you next round.  It might've been worth a shot to take a Travis Snider (who definitely wouldn't have been around next round) and try to catch Colby further down.  
5. Hard to let Salty fall further after the hype last year.  If he rebounds, you're golden.
6. What, you don't have a UT spot for Kouz?  I'm amazed he was taken so far below Loney, as Kouz is very likely the better fantasy hitter in the future.  Not many others after this pick stand out, unless you wanted to buy low on another catcher in Clement.
7. Good call on Tankersley.  As you said, everyone else was probably going off of top-100 lists--you took advantage of that by grabbing someone who could potentially help you out a lot this year.
8. Montero went pretty low for a ready-now catcher with his offensive ability.  In a bigger league, this would be a criminal pick at #90.  In a 12-team, it's just a smart one.

I'd be interested to know why the Elbert owner picked him over both Millers and Gallardo.  I know he's got teh upside but Andrew Miller couldn't have had the signability issues in your league that he had in MLB.  ;)

Or maybe I'm just missing the boat on Elbert.  I'm slowly leaving the TINSTAAPP camp, but the last thing I want to gamble on with a minor-league pitcher is that his control improves a lot before/when he makes The Show.

Rasmus was picked shortly after the SI list came out with him at 26.  I thought someone would read that and take him, that's why I moved on him at that point.  

Loney went higher than my rankings had him.  Loney is very interesting in that I think he will be a great major leaguer, but he's not a good fantasy player in that he doesn't steal bases and I don't think he will hit for power.  Take two categories off the board and also signifcantly impact RBIs right there.  I had Kouz higher than Loney.  

In other leagues, I would very much expect that Kouz will be drafted higher than this, but not by much.  I think the jury is evenly split on him, and one half won't want him and the other half will realize that they can have him at a deep discount.  

The negatives:
(I really don't have many negatives.)

• I don't like Patterson nearly as much as you do, but I understand that if he even approaches his potential, he could be a great roto guy even if he doesn't help an MLB team much. (and as a Cubs fan, I dearly hope I'm mistaken)
• While their trend lines aren't encouraging, I think that both Ian Stewart and Daric Barton are better than they went in this draft.
  

The positives:

• Young falling that far is a bonus for you, IMO.  This is roto, after all, and getting an HR/SB guy playing in a hitter's park with a good lineup has "franchise player" written all over it.  If everything goes right for Upton, Maybin, McCutchen, in 2 years they'll be where Young is now.  And two of them will be in tough hitting environments.
• Kershaw is a huge risk, but is exactly the sort of pitcher I'd take a flier on, too.  There are few minor-league pitchers I'd seriously consider for a mixed-league roto format.  If these guys reach less than 90% of their hype, they essentially turn into replaceable parts, as you'll be able to pick up fine, above-average SP from the waiver wire in May every year.
• Tankersley/Montero - I'm a big believer in not "constipating" a limited minor-league system.  Using your last two picks on two guys who will "graduate" this year, and give you value, is great.  Your league-mates will be considering which of their low-A players from 2007 to cut in 2008 so that they have room to draft more "flavor of the day" guys.  You, instead, will have - at the very least - two cheap contributors and 2 minor-league slots to use.  And both have nice upside for late-round picks.  If you can make in-season acquisitions of minor-leaguers, you're even better off.  I picked up both Fields and Loney last year in a similar format when I saw them going off in AAA.
  

With the exception of Tankerseley of course. Here, we're not even on the same page, but other than that.

Round 1-Homer Bailey...nasty. need I say more?

Round 2-Andy LaRoche. I went back and forth several times on this pick. Gallardo was an option. I was also very high on Reid Brignac, a mancrush if you will. I figured I could wait on Brignac and LaRoche ended up the winner.

Round 3-DEVASTATION...I thought for sure after the pick went to Scott, who already had 2 SS in Tulo and Wood, I was getting Brignac. Probably reached for Dukes, but I really like his improving skills set.

Round 4-Travis Snider, mashed in rookie ball, too much power upside to pass up

Round 5-Phillip Humber, could see some major league action this year. Good K numbers

Round 6-Joba Chamberlain, complete potential draft. I like it when the Cubs draft NCAA pitchers so I decided to snag one.

Round 7-Daric Barton, lacks great power, but his skills fit well in Oakland so he may get an opportunity. Plus my roomie is a Cardinal fan who was upset when he was part of the Mulder trade

Round 8-Freddy Gonzalez, have heard he has the best speed in the minors combined with on base ability.

Any coments/critiques are appreciated

round 1- Cameron Maybin
round 2- Tim Lincecum
round 3- Jose Tabata
round 4- Chuck Lofgren
round 5- Angel Villalona
round 6- Humberto Sanchez
round 7- Dellin Betances
round 8- Ian Stewart

Like Jesse, this was also my first ever Minor League draft. I obviously didn't choose the most major league players but I went with the guys who I felt had the most talent and chance to succeed, regardless of age. The only player I regret drafting is H. Sanchez even though I'm a huge Yankee fan. Any feedback or comments would be great. Thanks guys

Kenny

My philosophy on this minor league draft was to try to acquire as many power arms as I could while still trying to snag a couple of high upside hitters. Although my hitters also carry some considerable risk because they are so young, I feel that most of them have a  big enough upside and therefore were worth the risk. When looking at pitchers I wouldn't even bother doing any type of research if they didn't average over a strikeout an inning, and with most of them I would prefer to get a guy that has been able to average a K/inning in AA, but it wasn't a must. My first couple of picks I tried to concentrate on getting guys that I felt could contribute significantly to my major league team this year, and I feel I got that w/ Andrew Miller and Matt Garza. Here's a rundown of my draft picks in order.

Round 1: Matt Garza, SP, MN, Love his stuff, makeup, durability, size, and the fact that he can barely even be considered a rookie. Almost went w/ Pelfrey here, but went w/ Twins history of developing pitchers. Felt he was a pretty safe pick with great upside.

Round 2: Andrew Miller,SP, DET College Player of the Year last year just needs a little more time in the Minors before I feel he will be a stud major leaguer. Love his size, stuff, and doesn't seem to have an injury history. Injury history is important to me because, as a Cubs fan, i have had to deal w/ injuries for far too long, so durability is a big issue. Has a chance to be #5 in the rotation this year, so hopefully he can pull a jered weaver at midseason.

Round 3: Fernando Martinez,OF, NYM I was pretty happy to see him fall this far. Potential 5 tool player that has considerable risk because of his age, but a talent like this was too good to pass up for me. Was ranked in the top 20 of a lot of prospect sites.

Round 4: Clay Buchholz, SP, BOS, Hasn't been a SP for very long I guess, but loved his stuff and upside. Had some criminal charges that were a concern of his makeup and stuff for me, but loved everything else about him.

Round 5: Lars Anderson, 1b, BOS, Felt this was a little bit of a reach for me, because he is really young. But loved his size and his power potential. Also liked the fact that I read he as a 1st or 2nd round talent but signability issues dropped him to the mid rounds. Signability issues weren't a concern, and my system lacked high upside hitters, felt he was too good to pass up.

Round 6: Mark Pawlek, SP, CHC, Best young arm in the system currently. Good size w/ potentail to pack on a few more lbs and gain some more heat on his already good fastball. Read in some places that he was one of the better left handed starting pitcher prospects in the minors, and I know the cubs are excited about him so felt it was a good fit.

Round 7: Jeff Clement, C, SEA, One of the top catching prospects in the minors I thought that was victimized by one bad year in the minors. More of a value pick here because has good potential and if he doesn't pan out, not really losing out on much here, but if he pans out have a good catcher for my team for a couple of years.

Round 8: Wade Davis, P, TB, DIdn't know much about him, but had huge K numbers in A ball, and scouts gave him the best fastball in the DRays system. That's all I needed to see.

Obviously a little more thought went into my picks, but that was a general rundown. Hope to hear everyone's thoughts and comments. Thanks.

That said, I like the Wade Davis pick in the last round.  You got him at a deep discount.