As time progresses, it seems that people are falling in love more and more with suited connectors, especially near the middle of the deck (such as 78s). The theory is, these hands have the potential to hit a huge hand and in general, it opponents would not put you on such hands. However, with more and more people adopting the strategy of playing such hands, it seems that more and more people (rightfully) are including those hands in the range of hands that an opponent could have. I used to play suited connectors all the time, even raising with them at times, but following losses on many whiffed flops and minimal winnings when I did actually hit a big hand, it got me thinking as to whether or not it is actually worth it to play the mid-level suited connectors. In the end, I determined that in general, especially when out of position, you are far better throwing your hand away for several reasons (for these purposes, let's assume the hand is 78 suited):
1) You don't want to keep putting money in with a draw, which you will need to if you want to experience the benefits of playing the hand. You will flop a flush less than once in 118 flops, yet making a flush is still considered to be one of the major hands that 78 suited can hit. Therefore, it is generally necessary to see a turn and potentially a river in order to make your flush. While you will sometimes see free cards, good players will usually make you put money into the pot to see the additional cards. Also, the odds
of flopping a straight is about 1.3%, so in general, you're missing the flop.
2) Unless you are really good at extracting chips with a made hand, you will lose money in the long run. With the 2 suited cards, you will make a flush once in every 15 hands you play with suited cards once the river has been dealt. Even if you're limping in preflop, chances are that your hand will not go anywhere, so when it does, you better be able to get people to put in a whole lot of money with a marginal hand. Additionally, this is probably harder than it seems, because once the flush hits the board, the chances of someone else putting in a whole lot of money with a hand worse than yours is unlikely (this would generally only happen if they have a lower flush, which is unlikely, since yours is only an 8 high flush).
3. You could lose a ton of money even when you make your hand. As I mentioned before, you need to make a ton of money just to make up for the times when you miss your hand. However, you need to make even more than that to make up for the times when you make a big hand and lose to an even bigger hand. Keep in mind, if you make a flush, it is only an 8 high flush. Therefore, there are 6 higher flushes that could be made. However, in order to make up for all of the times when you miss your hand, you need to get a ton of money into the pot when you do make your flush, even if you suspect that you might be beat. As a result, you are going to start running into higher flushes or full houses, which can cause you to lose even more money. Making a hand like a flush or a straight can look deceptively strong, even when they are actually very far away from being the nuts.
As a whole, play these hands with caution, if at all. And you absolutely must be willing to bluff if you miss your hand. If there is a scare card on the river that actually misses you, you can't afford to just give up on the money that you put in waiting for the draw that you missed. However, if you were going to bluff, did you really need to do it with the 78 suited? Consider all the different hands that you could bluff with, yet you've been forced to do it in this spot when your opponent could be very strong.