It is certainly beatable. You really have to get a big stack at this game. I just started playing at Bicycle in the $40 game about a month ago, coming from Commerce $100 NL. I will give you a quick rundown of my experiences.

The blind structure is absolutely ridiculous. You need to get a decent size stack before this game gets playable. ($120+) I recommend playing extremely tight on your first buy-in. The people are for the most part extremely loose and when they do have top pair they play it way too strong. People fish on gutshots, runner runner draws. Simply put, the people have no concept of pot odds or equity. There are maybe 1-2 decent players per table, and they are usually TAG. (youll spot them easily). I would bring no less than $120 because it may take a couple buy-ins to get a stack. After you run out of the original $40 or ever drop below $20, you are allowed to make a full rebuy up to $60. Once I drop below $20, I always add $40 to make it a total of $60.

Once you get a nice stack, if you play a good game post flop and are capable of laying down strong hands (AA,KK,QQ) post flop, then this game is beatable. VERY beatable.