[Matt Ruff]

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Interesting question. There are too many variables (format, stakes, players seeing the flop, players chasing, pot & implied odds) to give any worthwhile answer. While all hand values would depreciate, what changes the most in these games would be the value of marginal hands, so hands like TPTK and 2 pair could become traps at showdown.

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One specific situation I was wondering about is an ante round during a NL tournament -- say, 100/200 blinds, with a 25 ante. If there are 20 players at a table, the pot starts with 800 chips, offering 4-1 odds, before anyone does anything. First limper increases this to 5-1, second limper makes it 6-1, and so on...

What do you do? With those kind of odds you could theoretically limp with anything, but then you have to worry about the mob still to act behind you. Any attempt to steal is going be very expensive and very risky, unless of course the first 17 players are kind enough to fold to you on the button. And if you are dealt a decent hand, the kind you'd ordinarily raise with preflop...well, what kind of hand *would* you raise preflop with here?