So my league is at ESPN, and so I use ESPN's rankings as a rough gaugue of how the other guys are going to draft. To that end, I try to identify players who are over/under valued re: their positions in ESPN's rankings. My candidates so far:

Undervalued hitters:

David Ortiz
Travis Hafner
Lance Berkman
Hanley Ramirez
Gary Sheffield
Rocco Baldelli
Mike Cameron
Torii Hunter
Raul Ibanez
Freddy Sanchez
Moises Alou

Undervalued pitchers:

Brandon Webb
C.C. Sabathia
Cole Hamels
Jered Weaver
Andy Pettitte
Mike Mussina
Freddy Garcia
Anibal Sanchez

Overvalued hitters:

David Wright
Miguel Tejada
Jason Bay
Troy Glaus
Richie Sexson
Adam Dunn
Howie Kendrick
Jeff Francoeur
Corey Patterson
Joe Crede
Alex Rios
Adrian Gonzalez
Wily Taveras
Brad Hawpe
Pat Burrell

Overvalued pitchers:

Roy Halladay
Jake Peavy
Jeremy Bonderman
John Lackey
Felix Hernandez
Dontrelle Willis
Jason Schmidt
Matt Cain
Barry Zito
Rich Hill
Dave Bush


ESPN has Rich Hill rated as the #32 SP. Sporting News has him as the #52 SP, and using my own made-up projected stats (and formula for scoring them) he comes in as the #42 SP. If you think he's top20 caliber, though, then yeah, he's undervalued by ESPN.

I think ESPN tends to over-correct for guys that overachieve for a single season. For example, Uggla and Ibanez. Neither is likely to match last year's stats, but they're not going to be terrible either.