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Correct me if I'm wrong (I probably am) but I had always thought if the table is loose, play tight. If the table is tight, play loose.
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In some ways that's true I believe, but it's only part of the story. Some hands go way up in value when you know that 7 people will be in a raised pot preflop: suited connectors and small pairs, although you'd prefer to only play them for one bet, can take down really big pots. Other hands lose value very quickly with each additional opponent: Offsuit big cards (but not monsters) like AJo, KQo, etc. So yes, playing tight is a good idea in games like this, but not so tight that you fold good drawing hands that are getting pot odds to be profitable.
Hey, I like your question so much I think I'll paraphrase it (unless you give me permission to use it verbatim) and add it to
the wiki page on game texture and maybe link it from
the FAQ