We use a draft board and I like it. We get it from www.draftkit.com -- it's around $20 - split between 12 players. I think it's a small price to pay for the added convenience on draft day. Not only does it help during the draft, but afterwards, we can sit around and discuss everyone's teams easier because of the board. Putting the labels on is not that big of deal.
The suggestions you'll see about getting paper at Staples and printing your own labels are, IMO, absurd. I'd rather pay the $20 than waste a couple of hours doing the board and labels myself.