Thanks for the replies. I have tried to justify calling, and I have tried to justify folding. They both have their advantages.

I suppose another factor to consider is the quality of the other players in the MTT. If I was up against 19 Phil Iveys and 20 Andy Blacks I would call in a shot!

You also have to take into consideration the payout structure. A flat payout structure makes it an easier call.

Aside from improving your chances of limping to the final table I am convinced there is a solid argument for folding here. I just can't prove it. I think it is an important decision to have prepared for when you do get down to the business end of an MTT.