The draft begins at 2PM EST and will be broadcast on ESPN2. It will be broadacast over the airwaves on XM Channel 178. For 2007 fantasy purposes, the players to look for will be first round relievers a la Chad Cordero. From what I gather Casey Weathers is the pre-draft favorite to see time in the majors this year. Maybe Josh Fields.
I haven't seen anything to indicate there will be a Ryan Zimmerman amongst the hitters - a player who will make the majors this season and become a fantasy keeper for years to come. The Yankees could try it assuming the team grabs firstbaseman Matt LaPorta and does not trade for one in the mean time. Those seem to be shaky assumptions, but it is worth watching anyhow.
Here are some important draft links and some not as important ones:
Baseball Prospectus' Draft Roundtable at 2PM. There also plenty of links to BP's previous draft info.
ESPN MLB Draft 2007 home page. Also links to other ESPN draft articles. Some are behind the Insider wall. Many are not. You can see Keith Law's Top 10
Pro Scouts Go Diamond Mining at Los Angeles-Area Powerhouse in the New York Times. (read: Mike Moustakas and Matt Dominguez).