[fnord_too]

Chopping is purely a variance reducing move (or should be). Look at some things like the independant chip model (check the STT FAQ for a link to it) and understand what a fair deal is. The blind to stack ratio gets so large that luck plays a much bigger factor in the late going than you may realize. Also, if you know what constitutes a fair deal, you will know when you are getting the best of it (Lee Jones talks about some deals, say in a three way chop, where the short stack takes LESS than what third pays!)

Another alternative is to make a save. Everyone locks up some amount of money and plays for the rest. Say payouts are 150K, 85K, 55K, 35K, 25K (which I think adds to $350K), maybe you deal for 300K (not necessarily an even split) and play for the remaining 50K.

There has been a lot of discussion and debate about this on the boards. Also, I think there is a section on it in TPFAP. (Having said all this, I have never been offered or initiated a deal, but the highest payout for first at a final table I have been at has been in the 25K range, and those not live nor on PS where deals are easier to enforce.)