How much of a time commitment is it to manage a team? I've always had an interest, but my friends who do it are WAY into it (like the League, but worse).
I'm in three leagues, and this is my low-maintenance team. The daily setting allows you to futz with it a lot, if you're really keen. But the H2H format and weekly transaction limits mean that if you only want to look at it a couple times a week, that can work too, and you won't get killed by streamers. On this one in particular, I might spend 15 minutes a day, usually over coffee in the morning, and that's about it.
For a newbie, I'd suggest an hour maybe of pre-season draft prep (this could be just reading SI's pre-season edition). Less, if you don't mind drafting Vlad Guerrero in the third round. The draft itself might take two hours (currently scheduled for "after a toddler's bedtime" on March 19th, IIRC) but you can even pre-edit your list and let the computer do it for you.
After that, I recommend a daily check-in, just to make sure you're not starting any guys on the DL, and a once- or twice-weekly look at what overall FA moves or roster adjustments you might want to make. That should be enough to keep you competitive, without being a profound time-suck. Yahoo has a ton of very accessible resources, so you don't have to go digging around a lot if you don't want to.
PM me your e-mail addy if interested. It's a pretty collegial bunch of folks.
Someone loaned me the League on DVD, but I'm scared to watch it. Might hit too close to home.