Well, Fnord, with a hand like K4o, to the extent you are looking to make anything, it's a pair of Kings, trips, or 2 pair. So the more people in the hand with you, the more likely that even if you hit, an opponent will be able to outdraw you (perhaps to a straight or flush).

I'm not against players doing this if they know what they are doing. But the thing to remember is that because it's a lousy implied odds play, you are really betting more on your ability to outwit a couple of opponents (while out of position) post-flop than you are betting on your hand.

That's kind of the entire point of my post. What I am against is completing just because it is a "discount". If your reads and your table image and your opponents' style allows you to take down pots out of position after the flop, that's an entirely different (and more valid) reason for completing a small blind.