If you enjoy drafting and setting your line-ups, this is a really interesting league. Played my first season in KOHL4 and had a great time with the guys.
Basically bid on your players, assemble a roster (within a budget) and coach your lines through the regular season. Games are all simmed/broadcast live on ustream, so you can actually see how your player interact with each other. Players and stats are very similar to '94, but the PC version allows 4 lines and a lot more line-up tinkering.
Lots of fun, and a fairly short commitment.
Jer