I play in one annual 8 team league with guys I grew up with. I do draft differently then my 12 team leagues:
There is a much higher need/urgency for a very good QB in the 8 team league. In my 12 team leagues I will normally draft RB, RB, RB, WR, WR/RB, QB.
However, in my 8 team league I will draft RB, RB, and then hope that a top 4 QB or so falls to my pick in the third round.
RBs are still the most necessary weapon. Its still fantasy football; that much doesn't change. However, there is usually 3-4 QBs that stand out from the rest. In the recent past its been Peyton, McNabb, Culpepper, etc. In a 12 team leauge, teams that spend a high pick that is necessary to get one of these QBs is normally very weak at the RB position. However, in an 8 team league they can still pick up a very serviceable RB in round 3 thus making their team one of the strongest.
If there are only 3-4 great QBs per year and all the rest are bunched together, in an 8 team league that means that 50% of the leauge will have a stud QB. In a 12 team league, only 25% of the league will have a stud QB. The playing field is more even in the 12 team league vs. the 8 team league. The playing field is even tilted toward the stud QB team in an 8 team league because unlike a 12 team league, the Peyton Manning owner in an 8 team league will still have two very good RBs.
Please keep this in mind. Add a little more value to QBs then you would in 12 man league. The same can be said for TEs. Gates, Gonzalez, Shockey, Heap, and Crumpler are normally year-in and year-out performers. Get one of them. WRs become even more of a dime-a-dozen in an 8 man league because you can still get good ones in rounds 6-9 or so. Place more value on QBs and TEs because if there is 4 or so studs only at those two positions ...... 1/2 of the league will have studs at normally "unstudly" positions as opposed to only 25% of the leaugue in a 12 team league. Its better to be one of those four teams as opposed to not being one of them.
HTH.