There are my thoughts on the subject:

If you can't buy-in for the max you should be playing at a lower limit.

If you are constantly thinking "I don't want to lose all my chips" then you will get pounded by players that don't have that limitation.

Playing short-stacked also hampers you from betting to protect your hand. Suppose preflop raising builds the pot and you hit your hand but there are draws on board. If you go all-in with your short stack (especially if you can't even make a pot sized bet) its easier to get called by the drawing hands because they know you can't make them pay more on the Turn.

Plus good players know that anyone who doesn't buy in for the max is typically weak.

SP