Friday night we had a 4-person draft with a friend's cube, which is pure Magic 2011. The environment was something between my cube and M11 limited - the power level wasn't that high, the good cards in M11 limited were good, but there were more bombs than normal (one of each planeswalker for example), which made removal even better.
I started drafting a BR control deck after opening Liliana Vess, Fireball and Lightning Bolt, but black wasn't coming anymore so I switched to WR aggro, since there were a lot of white weenies (Ajani's Pridemate, Elite Vanguard, Stormfront Pegasus) and Ajani Goldmane. The deck performed alright, with me winning at 2-1, 5-2. It was fast enough to take games easily against slow ones, but after the initial burst it didn't threaten much. After the "official" games I tested the BR control version, which might have worked better against that field.
The cube's owner played a crazy UB deck that had artifact creatures powered up by Steel Overseer and killed often by milling via Traumatize, Jace's Erasure and Temple Bell. He had a 2-1 record as well, but 4-4 in games.
The other decks, that ended at 1-2, were an UG and a GB aggro - the one I lost to, basically by killing me too fast before I got my mana base working.
Set cubes may be a good alternative to booster draft, although one problem is that they support at most 5 people (modern big expansions have around 240 cards). A cube with a whole block would support 8 people with good variety, and the card synergy would be better than in a normal cube, so it's another format I'd like to try someday.