[JTG51]

eMark gave a good definition of a value bet, I'll boil it down a little more though. SImply put, a value bet is a bet that you want to get called. A bluff is a bet that you don't want to get called.

Any game with smaller than usual blinds allows you to see more flops, especially from late position where the chances of a raise have gone way down. This is because you are paying only a small fraction of the future bets to see the flop. It will cost you very little if you miss the flop, but you can make many times your initial investment if you hit.