Sorry, this got a bit long.
Biggest Steals of the draft
Valeri Kharlamov at 53. The run on defense and goalies dropped him down rather significantly. I don't think he'd be a bad pick 15-20 spots earlier, which is a huge gap at that point in the draft.
A bunch of the first line offensive talent taken from around 70-110. Players like Bentley, Kennedy, Stastny, Dionne, Hull, Jackson, and Stewart would all be taken much sooner on talent alone.
Bert Olmstead at 208. With the emphasis that was put on two-way play, physicality, and character this draft, it shocks me that Olmstead fell from the last draft.
Phil Watson at 386. Ever since Nalyd brought him up a couple drafts ago I've realised how good a player he was in his time. A player with his offensive talent, defensive ability, and strong playoff track record could justifiably go 100 picks earlier.
Vladimir Shadrin at 435. Good value for a good defensive center at that point in the draft.
Johnny Gottselig at 448. See Phil Watson.
Frank Frederickson at 612. I had my top four choices at center as Starshinov, Hlinka, Frederickson, and McGee when I left a long list with HO, and Frederickson went much later than the other three. He's relatively big, strong, physical and a good scorer. There isn't much to not like about him.
Biggest Reaches of the draft
Pete Mahovlich at 199. I understand he brings things like size and Stanley Cup winning experience, but I wouldn't take him over several of the LWs taken after him personally.
Some of the defensive forwards taken early (top-200 or so). With more teams I think it becomes more important to get offensive/two-way talent and good defensemen early, personally. I think the difference between the best defensive forwards and the guys who are in the 10-15 range is much smaller than the difference between the offensive talent in the top-200 of the draft and the 350-500 range.
Dave Langevin at 219. I'm sure Langevin was a good defenseman, but there were some stellar defensemen taken shortly after. You could have nabbed one of them and still have gotten Langevin later in the draft.
Chris Phillips at 361. I know what Cup 2008 was intending on doing but that was far too early for Phillips.
Taffy Abel at 370. Sorry to keep picking on you for this, vcl, but I don't see why Abel should go so early in these drafts.
Smartest/best strategic pick in the draft
I'm going to go with the best strategic picks, with Evil Sather putting Kharlamov-Petrov-Mikhailov-Vasiliev-Lutchenko back together. I don't think anyone has put the five man unit together before.
Minnesota selecting Holmes at 366. While I do think there is a fairly substantial difference between the first and last goalies taken, I think taking Holmes (as the last starter, no less) was a good move. I think he's a better goalie than some taken before him, and I think the drop off in talent when you get into the bottom half of starters is nowhere near the dropoff from the top to the bottom. Waiting out several rounds from where some of the other middling starters were taken was a good move.
GBC taking Neely and Bucyk to make his BBB line was a good strategy. That line is going to be incredibly tough to contain.
I liked MB trading up to get Hull too. With two great playmakers in Richard and Forsberg, getting a top notch goalscorer like Hull really makes that lineup tick.
Biggest blunder selection of the draft
I brought this up before, so I don't want chaos to think I'm harping on him, but taking Black Jack Stewart before Bill Gadsby wasn't the best move. I'm of the opinion that he's taken a bit early as is, but Gadsby is such an all around force that passing on him wasn't a good move.
A Player finally getting respect in the draft
Frank Nighbor keeps (deservingly) creeping up in these drafts.
Marty Barry. He's a superb offensive talent, and he's gone hundreds of picks too late in the past.
It also makes me happy to see some of the best pre-WWII defensive forwards starting to get more respect. Players like Metz, Klukay, Finnigan, and Lepine were great during their era and it doesn't make sense to me that they go so much later than their modern counterparts.
Moose Johnson has moved up deservingly as well.
A player always taken too high, finally getting picked where he should in the draft
Maybe I'll come up with someone later.
A player you've discovered in this draft
Doru Tureanu is probably the only name I hadn't heard before.
Most underrated player taken
I still think Nighbor is underrated. He doesn't have the huge offensive numbers, but all of the reading I've done from people who saw him play often have him above players like Lalonde from the same era. He had more votes in the best hockey player before 1950 vote not named Morenz or Richard. It's not really statistically significant, but he's just held in such high regard that I have to think that there was something about his play that transcends the numbers.
Hooley Smith at 203. A player who brings high level defense, physical play, and offensive ability like Smith should still go earlier than he does. I'd much rather have a Hooley Smith on my team than some of the defensive forwards taken before him.
Most overrated player taken
Maybe it's just my bias kicking in, but I think some of the pre-NHA/PCHA players may have become slightly overrated (not necessarily in draft position, but in value).
Favourite lines of the draft
Bucyk-Schmidt-Neely. How can you not love a line built like that?
Smith-Fedorov-Lafleur. Just a great combination of everything.
Denneny-Lach-Richard. Another fun combination.
Tonelli-Gretzky-Cook. The best playmaker ever with a top-20 goal scorer all time is just ridiculous.
Parise-Jarvis-Provost. Have fun scoring against them.
Barber-Ullman-Bathgate. I can picture how that line would work.
Firsov-Apps-Howe. Maybe my favourite of the bunch.
Jackson-Mikita-Nedomansky. Watch out.
Best assembled line of the draft
Kharlamov-Petrov-Mikhailov and Malone-Lalonde-Pitre, duh.
A funny/dramatic story (related to the ATD) you've learned about since the start of the draft
Rick trying to draft 'Jiri Holocek' was hilarious.
I probably missed a bunch of stuff but I'm tired of writing.
EDIT: To add to this, best picks by round:
1 - Maurice Richard
2 - Valeri Kharlamov
3 - Max Bentley
4 - Marcel Dionne
5 - Frank Nighbor
6 - Eddie Gerard
7 - Hooley Smith
8 - Syd Howe
9 - Cecil Dillon
10 - Nick Metz
11 - Neil Colville
12 - Hap Holmes (HM to Dean Prentice/Bobby Rousseau/Ron Ellis/Don Marshall, very similar players taken around the same spot)
13 - Phil Watson
14 - Vladimir Shadrin
15 - Alex Connell
16 - Bill Hajt
17 - Bob Davidson/Louis Berlinquette
18 - Yuri Liapkin
19 - Scotty Davidson
20 - Frank Frederickson
21 - Peter McNab
22 - Art Chapman
23 - Jozef Golonka
24 - Jack Adams