I like them as a rookie pick, they come with strong starting skills and are reasonably priced if things do go wrong.
For CCVII I went with a rookie team in one of the rookie divisions and was able to qualify for the play offs. It was a challenge - Humans are a slightly sub-par team, but not majorly disadvantaged.
It does depend partly on how many other teams in the rookie divisions have good starting skills - I faced a lot of Undead, which were tough due to their own flexibility, but with rookie Chaos and Vampires in the division, I was pretty comfortable in terms of having the skills to play well in other games.
For me I was both lucky and unlucky in places - MD2 saw me lose 3 players, which delayed my development quite significantly. But I was able to win MD3, 4 and 5, despite this blow - I won't deny some favour from Nuffle was involved. But Nuffle turned against me more with MD6 and 7 on the dice, so it evens out.
In either case I qualified 4-0-3, but lost my play off versus Norse as I was pretty much beat up in the second half - my armour just wouldn't co-operate, but that can happen to any team sometimes.
Most of all, however, I enjoy Humans for their flexibility and slight underdog nature. They can gear up for most things and stand a good chance, but aren't the best at any one thing.
Similar teams I'd probably suggest Undead or Necromantic too, but there's plenty of those about lately. They start with less key skills though.