Kamila and I tried a Winston draft for the first time some months ago. Winston draft was described on the Magic official website over 5 years ago, but with the rise of cube recently it became popular for very small drafts (2 people mainly).
The setup for Winston Draft consists of shuffling 3 boosters per player in a big pile and creating 3 face-down small piles (starting with 1 card each). Then, players take turns, each turn consisting of looking at small pile #1, taking it and ending his turn if he wants to, and if not he puts it back and adds a card from the big pile to that small pile. The same is done for piles #2 and #3. When a player takes a pile, he replaces it with a card from the big pile. If a player does not take any of the 3 piles, he draws a card from the big pile.
We found this draft to make much more sense for 2 people than a regular booster draft, that felt the same as splitting 2 colors to each and maybe fighting for the 5th. It does, though, create less cohesive decks, since in the end each player will have taken several cards that he did not want, but his opponent did, just because they were in piles that were favorable to him. This lowers deck quality, but adds excitement enough to be worth it.
While I feel this is a good way to draft for 2-3 people, since players take turns the time taken for the draft is linear on the number of players, meaning it may get awkward for 4-5 players and is prohibitive for more than that.
Here are the lists we ended up with. Tri-color in both decks was mandatory, two-color deck would mean we'd have to use all cards of our biggest colors and also add some artifacts.
Kami of Ancient Law
Mangara of Corondor
Guardian of the Guildpact
Juniper Order Ranger
Visara the Dreadful
Glasses of Urza
Call of the Herd
Defense of the Heart
Night of Souls' Betrayal