I have done the live draft routine, and they are much more fun. Obviously one of the problems is the ability to get everyone there, though the ROBOT would end up functioning in the same manner as today, so I'm not sure that's a real big problem.
Even bigger might be on the PB server side. I'm no professional geek, so I don't know what it would take on that side in regards to programming, etc...
The ability to "feel" the flow of a live draft makes it a far more enjoyable and exciting experience, and would eliminate any "drop-list errors" which can be so depressing...
Of course, what makes PB so much better than the other sims, etc., is the gameplay. Frankly, before going through what it would take to implement live drafts, I'd be much more excited about an opportunity to play these games head-to-head. Also the gameplay issues (too many passed balls, guys playing out of position too effectively, more control over ROBOT activities for away games, etc.) are things that should be dealt with before getting down to the idea of live drafts.