How does this league work?

I'm a fantasy BB newbie...I'm just curious if someone can explain how exactly this league works (wins, weeks, etc.) and perhaps offer a draft strategy...even with this league, do you just draft the best players available? I was wondering if it would be advantageous to be a balanced team (good hitters and good pitchers)...or if having GREAT hitters, but not so great pitchers (or vice versa) is a better option. Thoughts?