I am beginning to lean toward Xd's position on this. When I first started this post I did not feel that way. But, I have since changed my position.
Perhaps my game has improved enough since I am doing better as of late against the 1/2 penny tables at UB. Perhaps it is just a matter that the Bad Beats are not getting to me as much so I am able to avoid going on tilt which helps me make more profit in the long run. Perhaps it is the increase in my overall agression which also is increasing my profits long term. At any rate over that last 2 months I have maintained a profit of about 7.5 the BB per hour playing 1/2 penny at UB. So, you could say I am doing fairly decently. However it always makes me leary when I go long periods without having a losing session. Although, I have been having a really bad time of it in the tourney arena. So, maybe that is where the balance is happening.
I do have some advice for the new player that is considering starting at the 1/2 or 2/4 penny tables. Keep in mind I am talking Limit not No Limit.
Get a book on Poker. Lee Jones' Winning Low Limit Holdem is one of the best books out there concerning low limit play. Even though he deals with 2/4 and 3/6 dollar limits, The concepts in his book work well in mirco and nanolimit games.
Sometimes it may seem like you aren't making much playing the way he suggests. But, over the long haul all those players that seem to be winning are in fact just riding a good streak. The wild play do nothing for you in the long run.
Don't try to get fancy at these levels. Semibluffs and Check raises are lost on the people you are playing against. They generally have no idea they are being bluffed and could care less. They will call your
bluff way to often for it to be affective. Not to say you can never push people out of the pot. It is just a lot harder at these levels.
Play your solid hands agressively. Yes you will lose to suckouts in the short term. But, you stand to gain more profit over the long term by playing good hands with proper raising as opposed to playing them passively because you worry about getting sucked out.
In the long run the profits will outstrip the extra losses you incur from the suckouts.
Have a proper bankroll. At these levels it is vital that you maintain at least 300x the BB as a bankroll. I would suggest 600xx the BB.
So at a 2/4 cent level you should have no less than a $12 bankroll all the way up to $24.
Also, sit down with a proper buy in of 30 to 60x the BB. Again for the 2/4 penny table you should sit down with at least a $1.20 to play. $2.40 is even better here. It is not unusual at these level to go down 30x the BB because of the eratic play. Having a bankroll that can weather these swings is very important.
Lastly be ready to lose lots of hands to suckouts. That is just how things are. The better hands you play the more suckouts you will have to endure.
This is because you just won't be handing out many suckouts to the other players. When you win you will have the best hand much more often than not.