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It's weird structure that I've never seen anywhere else. The blinds are $1-$2, and it costs to $2 to call PF if nobody raises. Raises are still $4, though, so the first raise makes it $6 to go. A cap pre-flop (bet and 4 raises, 'cause its vegas) means it'll cost you $18 to see the flop.

From the flop on its a normal $4-$8 game.
--Goober

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What implications will this have on your preflop approach? In unraised pots, you get in cheap, but the pot is half the normal size. In raised pots, the blinds are dwarfed but a raise has a much better chance of thinning the field.