Calbear gave a nice description.
Here's another example of what it is trying to do. VBD tells you that right now, amongst the best QB, RB and WR available at your pick, Steve Smith has the most value based on your projections.
However, you feel certain no one is going to pick Steve Smith before your next pick, but instead about 6 RBs and 2 QBs will be taken. So your choices are the RB now and Steve Smith next round. Or Steve Smith now and a RB next round who is 6 spots lower on your ranking. Obviously you'd rather pair the better RB with Steve Smith, so there must be some component of value that VBD didn't account for.
And there is. The rate at which positions are depleted in the draft also plays into value to your team. VBD doesn't account for it. DVBD is a way of doing this. In essence, just take how many points the best RB available this round will score and subtract the points the best RB next round will score. Do this for each position and consider taking the guy whose position drops off the most.
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Ok, if that's not clear, read it again before you go on. Because here's the thing... yes, that definitely helps you. But if you want to get the absolute best draft, when deciding who to pick this round, you would want to factor in (in a DVBD sense) not just this pick and next pick, but every single pick you have. Because every pick is affected by this one.
That's why I really advocate not using VBD or DVBD as a draft strategy, but instead use them as a tool to help you quickly get a view of where value lies at a specific moment in a draft.
For a draft strategy, what I'd really suggest is that you just go through and mock your draft several times. Try drafting that QB in the third and see what decisions you are faced with in each succeeding round. In each of those rounds, check your VBD and DVBD numbers. After you end up with a final team, record it and total up the starter points and rate your backups. Then go back and do it again, taking Gates in the third round instead and see how it changes your draft.
By doing this, your draft strategy is gaining the prior knowledge of how each pick will affect the rest of your draft. As I said it is a difficult equation to solve quantitatively, to the point you'll need a computer to get to an exact answer. Much better is to know all the ramifications of your picks. If you passed on your 3rd RB in rounds 3 and 4, did you then spend an additional pick on a RB backup instead of a WR3 because you weren't happy with your depth and not much was left? Did you find the QBBC available where you thought you would? Or would having taken a stud QB earlier and two WRs later have worked better?
Those are the questions you can best answer by putting yourself in the situation and just seeing how it turns out, long before your draft takes place.