I read about it and quickly entered the first one.
My sense was that this format would reward people who are good at lasting at least into the money. And that the format would encourage many players to try to last as long as possible with as many entries as possible. Since one could, potentially cash numerous times, there would be an interest in getting as many entries to the cash line as possible.
Others immediately thought this would bring out the shove monsters in droves.
So I played the first one to find out. It was a $1 game, with a max enrollment of 5000 entries.
Here was the deal: Nearly every player bought in for multiple entries. Since the first game was $1/entry, most had 4 entries. So there were a few more than 1250 players (since not everyone bought 4 entries), with 5000 seats. A bonus prize of $100 to anyone who merged. This could also have had an effect. There were 3 red pros in the game, all with 4 entries.
Most people played relatively carefully. There was a lot of limping into pots. And relatively few shovefests -- most of which turned out to be AA v KK v AK type matchups. In other words, for the most part, people were shoving with shovable hands. At least, at the tables I was playing.
At first break, half the entries were gone. Scanning the player lists, i found that many people had busted on all four entries. Many still had all four entries going. Some had busted on one or two, doing OK on the remaining ones. (All mine were still going, 2 on life support.) So, presumably, the donks had donked themselves out up to four times, leaving their buyins. The bustout rate was similar to a freeroll, so, plainly, some people were not playing all that carefully. But many clearly were. Only a couple of players had those mammoth stacks indicative of shoving too much (or holding huge cards and calling a shove). All pros were still in, none with all entries. Pro KOs were being paid.
Second break: Half the remaining field was gone. Not one player had all entries going. (I had one left.) One pro remained. Play during this period remained relatively cautious. Short stacks were feeling a pinch, so some of the shoves were not premium hand shoves -- but still reasonable.
I fully busted out halfway into the next hour, which was OK, since I shouldn't have started playing. Had to get to work. But my interest was in the feel of this format. How it played, what would happen. Particularly at the start, where wild play would be more expected. The third hour, the blinds were getting big and more players were feeling the pressure to make plays -- all normal. It was played as one would expect at this point. There was still caution, but stack pressure was building.
I went back later to check the results. Only one player could even possibly have merged. Several players had multiple cashes.
About the merge -- you'd really need to keep all 4 entries going very deep to even be in this position. With 2 entries remaining, you'd only get merged if both made final table -- for which you'd need the usual amount of lucky breaks --twice. So that's going to be exceedingly difficult to accomplish in fields this size. What is quite possible is cashing multiple times.
The tourney played more like a CC cash tourney than an open low buy-in game. On the whole, play was smart, with the occasional tilty or wild move.
Now, I can only report what on saw on my tables, in the first ever MET. What I saw was encouraging, if you like playing with people who are thinking.