Biggest Steal of the draft: Hard to say, because it's all dependent on team context and positional scarcity. I'll go with Griffis at #320 overall. There was a steep drop after he went off the board.
Biggest Reach of the draft: Tie between Neely and Carbonneau. Modern players are strange - they can be both wildly over and underrated. I think Neely and Carbo are arguably the most overrated players in the draft. Carbonneau should be obvious; he simply doesn't belong above a whole bunch of players at all positions, but specifically centers Ratelle, Larionov, Lemaire, etc. Guy is great in his role, but there is a general point to be made about "shutdown lines" here. It seems to be less popular in this draft, but a lot of GMs just love the idea of having a purely defensive forward line that they can match against the other team's #1 line. The problem with this strategy is that it often leads to defensive forwards being picked well before their talent would suggest (Carbonneau) and it is also not possible to truly match a shutdown line with a #1 line unless you want to give a shutdown line #1 line minutes. Teams dedicated to line-matching schemes must also invest much more heavily in coaching than teams with more-or-less internally consistent systems.
Smartest/best strategic pick in the draft: Can I give Rick and I credit for taking Selanne here? Not only was there a steep dropoff at the position after Selanne, but he was considerably undervalued; Teemu belongs in the 12-15 tier of right wings in this draft with guys like Mikhailov, Makarov and Cournoyer, and above Neely. Exactly what is the big difference between Teemu Selanne and Sergei Makarov? They are very similar players. People will knock Selanne for his limited playoff opportunities, and yet he's got his name on the Cup, a terrific international record and is a more proven scorer at the highest level than even the guys I listed as his peers. Selanne's somewhere on the fringe of the top-15 goalscorers of all time.
Biggest blunder selection of the draft: I think Cowley at #111 was a big mistake, which Pancreas rectified later by trading him away (albeit at below market value for a 4th round pick). Cowley's career looks a lot better from a distance than it does when you put him under the microscope a bit. The trade Eagle and Pancreas made was fair only because Cowley was overdrafted by a couple of rounds. He belongs in the Primeau/Lemaire/Petrov/Barry range (good second liners), not among true first line centers where he was taken.
A Player finally getting respect in the draft: Alex Yakushev made a nice little jump over some clearly inferior left wingers.
A player always taken too high, finally getting picked where he should in the draft: Jere Lehtinen's slip was quite justified, in my opinion.
A player you've discovered in this draft: I dunno...Brendan Morrow? Heh. No, I guess it was Milan Michalek who "discovered" him.
Most underrated player taken: Hard to say just one, though I think Tod Sloan may still be underrated. He's got a rather incomplete playoff resume, but his regular season exploits are surprisingly good considering where he's normally taken. I thought about Sloan on the second line in Springfield, but realized he wouldn't fit with Selanne.
Most overrated player taken: Judging only by draft position, I think Gilbert Perreault went too soon. I wouldn't take him before Lalonde and Apps, at a minimum. That early in the draft, a 20 or so pick reach is fairly substantial.
Favourite line of the draft: I would say Smith - Fedorov - Lafleur because I really like that combination of players...if Hooley Smith wasn't so badly out of position. Because they haven't gotten any love yet, I'll throw out Andreychuk - Francis - Conacher. Nasty, nasty second line.
Best assembled line of the draft: Best assembled...as in good value picks that fit well together as a complete unit? I don't think Barber - Ullman - Bathgate is too bad, actually. I have to go with Kharlamov - Petrov - Mikhailov, though, and not only because of obvious chemistry. Kharlamov went at nice value and I'm a bigger Petrov fan than most, it seems.
Worst assembled line of the draft: Bobrov - Federko - Middleton. All excellent players and fine picks, but they just don't fit together, at all. Nik has moved Marcotte up to Bobrov's slot, I believe, which is a better fit, but in terms of worst fitting units of otherwise great players, I think the original line concept here was broken.
Best defensive pairing: I'm a big fan of Chelios - Lapointe, for what should be obvious reasons.