A full draft just takes too long. Reducing the time between picks to an hour or less will only make it more difficult to draft -- I can only monitor the draft so closely when I'm at work. It's hard to leave proxies for more than one round, when you don't know who you're going to get and who's been taken.
Having said that, I'll still be in, if it's a full draft. Not a deal-breaker for me.
Frenzy won't really be the case if we do a part draft. We would still do a waiver draft based on getting your last 10 or so picks, through the autodraft.