I can't get into the page from work to check, but believe it's set to the standard default at the moment, which isn't that high. Upthread it looks like 7 is mentioned as the number. Between bye weeks and injuries, doesn't seem unreasonable, as you'd want to attempt to have at least one option for most positions. Especially if you've got 2-3 people on a bye from your team on a certain week. Shouldn't have to make a decision between leaving a position open or dropping a key player from your team. At that point, you've got room to almost cover the positions every week (unless you draft badly and hit the same bye week too many times), with room to carry an injury or a project pick.
Fewer bench spots, IMO, waters things down for a different reason. When forced with having to drop a GOOD player in order to fill a TE or DEF spot, for example, some people won't drop them, so there will be a bunch of weeks with people using empty slots on the roster.
Let's be honest, anyway, the league won't be won because someone is carrying an extra WR they picked up in the 22nd round. It'll be won by being quick to the Waiver wire, or knowing to draft that WR in the 13th round instead.