Liquid Tension,
There are a variety of reasons people will use in support of their belief that drafting a QB in the first round is never a good strategy. At some point, however, it can become a self-fulfilling prophecy, i.e., people never draft a QB early because they don't want to draft a QB early. Period.
I had a lot of success drafting Randy Moss and Terrell Owens in the late first round 4-6 years ago. Sure, my RBs were weaker, but my #1 WR was producing at a level near or above the level of nearly every other team's RB1. Many similar arguments can be applied to this situation, but the bottom line is that my strategy worked because my first-round pick produced. It always comes down to drafting good players.
In general, every strategy depends on your league scoring method and your league's collective drafting habits. My thinking is that the earlier your league tends to take QBs, the earlier Manning should be drafted. Where I think you can be hurt is if you draft Manning, and then everyone else waits until the 7th round or later to take a QB. Probably won't happen, but if it does then your talent pool deficit is greater in each round.
From my post to this point you can see I'm open to the idea of drafting Manning in the first round. However, I'm almost guaranteed not to do it this year for two reasons:
A) In my main league, QBs go early and I'm drafting 12th (as the defending champ).
B) I have had great success in waiting until rounds 5-7 or later to take my first QB.
To explain part B, here's a snippet of my post from a
thread on strategy from a couple of months ago. My comments expand this discussion to include the top 3 QBs or so, not just Manning, but the message is more or less the same.
I agree that the "value drafting" can also apply to QBs, however from my experience, there typically is less agreement on who belongs in the #4-6 or #7-10 QB is vs. RB or WR. As a result, there is a greater likelihood of getting a top 4 QB (or top 7 QB) after nearly all the other teams have a QB compared to the other positions.
Whether or not you agree that the tiers break differently for RBs, in virtually all leagues, RBs will continue to be drated until half or more of the teams in the league have a backup. This is normally not the case with QBs. And in QBs, the #11-#15 tier is where there is virtually no consensus.
The way you can use this situation to your advantage is to target a QB you think is going to finish in the top 6 or top 10 or whatever. You can sit patiently and hope this guy will be there later into the draft, but even if he is not, you can stock your lineup full of other players, then draft two QBs back to back or over three rounds. If you end up with two QBs roughly 14th and 15th in value, you still have three chances to get good production out of them:
1. one or the other QB can step up their game and end up #7-#9 or so.
2. you can play the matchups and hopefully get the most out of each player's totals (of course, this can backfire, too...)
3. you can jump on free agent QBs who emerge out of nowhere or due to injury
I don't think this approach works as well with either RBs or WRs.