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$5/$10NL with a $400 buy in? YUCK!

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I really don't understand why people keep bashing this form of game. When you first buy-in, you're pretty much required to play disgustingly tight until you double up. Then you can loosen up depending on the other stack sizes (and player quality but the players are usually so bad that this doesn't factor into whether you should loosen up). The high blind structure is ignored by many players who play too loose, call too many raises, quickly become very shortstacked, push in with crappy hands, and rebuy. It's a great way to keep money flowing into the game.

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This is pretty much the opposite strategy you should employ. If the blinds and antes (in hold em's case, just blinds) are large relative to your stack (this case of 40bb qualifies). Then you should actually loosen your starting hand requirements and steal alot. This is str8 out of Theory of Poker.

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It is straight out of TOP, but you have to take into account the game flow. If it's really loose (and live), people will generally look you up more - making your bluffs more susceptible to being called down.