[badluckal]

In my experience at this buy-in level on PS, I have found that the risk/reward ratio for blind stealing does not become favorable at least until the antes kick in.

This is because most steal attempts up to (and occasionally beyond) Level 6 will back-fire because the average player at this buy-in level is a calling station, especially when they are already partially invested in the blinds. You have to have an unusually solid read that someone will not defend before attempting a steal IMHO.

This same phenomenon also affects other tournament moves/concepts such as the Squeeze Play/Gap Principle/Continuation Bet. Because players are so likely to call your bet with marginal or inferior holdings, you are wasting chips trying subtle or advanced moves until very late, when the average player is at least somewhat solid.

Thus, in most of these tournaments, your two most effective plays are to value bet and to steal pots post-flop in position. You can get away with the occasional bluff or steal, but only when almost all factors (including your table image, flop texture, and/or opponent) are precisely right. Off-hand, I would say this kind of opportunity comes up once or twice an hour.