I'd like to see discussion on that too Dale.

I think you're missing a key concept in the 'snake in the grass' approach though. I see Fnord as very much in this category, and try to base a lot of my game on his, and what you're missing is that as well as playing those 'implied odds' hands hoping to hit big in position, he's also planning to take away a lot of pots postflop that he misses. To my mind a lot of it is based on most players overestimating initiative, since Tag-fish (the guys I'll do this against most often), have had it drilled into them to c-bet like monkeys when they have initiative. Since we know they only hit the flop 1/3 times, we know they're c-betting 2/3 times with air. Likewise if we have a somewhat solid image, our range for raising them appears to be very small, usually monsters (overpairs we slowplayed PF, small-med pairs that setted, QK type hands that hit TPGK, etc). Their "initiative" ends up donating us extra $'s that we would lose out on if we 3-bet (or folded).

Of course conversely the raise/fold game generally makes postflop play much more straight-foward, so theres more variance in the former approach than the latter.