[Guruman]

i think the concept you're not getting all the way is that multiway hands proportionally retain more equity than HU type hands.

for instance, JQs has more equity vs a field of 8 limpers than A9o has, because it can make the type of hands that can beat large crowds, and because the pot is already big enough to draw on a good flop.

If you're just up against one or two opponents, you'd rather have A9o than JQs though, because you can win by just pairing up or even without improving at all.

As you add opponents, the prospects of this hand holding up becomre proportionally more remote, and this hand can only improve so much.