See my post re: openings in a new slow auction league. Please reply there if you have interest.
The slow auction format is a blast. If we have 12 teams, there will be 24 guys up for bidding at a time. You have 12 hours to bid on any player. Unlike a regular, live auction, you have lots of time to think about whether or not you want to bid. There's an additional challenge in that you have to be careful how you manage your budget. Since you can bid on multiple players, your bid amounts on all of the players where you have the current highest bid result in decreases to your max bid. For example, if you have 200 left and currently have the highest bid on 4 guys at 45 (180 total), and need to buy a total of 16 more players, your current max bid is 200 - 180 - 16 + 4 = 8. The site that we use (couchmanagers.com) keeps track of all that. Your max bid will go up if someone outbids you on a player (releasing that tied up bidding $).
One of the neat things about the slow auction is that every morning is like Christmas morning. If you have the high bid on a couple of guys when you hit the sack, and when you wake up and log on, you find out whether or not you got them. It can be a little frustrating (ok, a lot frustrating) to be outbid on a guy with only 5 minutes remaining on the 12-hour clock, but that's also part of the fun. You get to "sweat" the guy for 12 hours! (note that the 12 hour clock starts over whenever a new high bid is made for a player)
It takes 10-14 days to complete the auction. How long depends on the owners and how they bid. Typically the first player is sold within about 48 hours. Toward the end, most players are sold in 12 hours or a little more than that.